Transcription of BIS Working Papers - bis.org
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BIS Working Papers - bis.org
BIS Working Papers No 976 Central bank digital currencies: motives, economic implications and the research frontier by Raphael Auer, Jon Frost, Leonardo Gambacorta, Cyril Monnet, Tara Rice and Hyun Song Shin Monetary and Economic Department November 2021 JEL classification: C72, C73, D4, E42, E58, G21, O32, L86. Keywords: money, digital currencies, central banks, central bank digital currencies, CBDC, stablecoins, cryptocurrencies, distributed ledgers, big tech, data privacy. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank.
CBDCs can be seen as a digital extension of the ex isting forms of central bank money, namely cash (bills and coins) and central bank settlement accounts . As a digital liability of the central bank, wholesale CBDCs could become a new instrument for settlement between financial institutions. Retail (or general
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