Transcription of Central bank digital currencies - bis.org
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Central bank digital currencies - bis.org
Committee on Payments and Market Infrastructures Markets Committee Central bank digital currencies March 2018 This publication is available on the BIS website ( ). Bank for International Settlements 2018. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 978-92-9259-142-7 (print) ISBN 978-92-9259-143-4 (online) Central bank digital currencies iii Foreword The history of Central banking began with payment services. Since then payment-related innovation has always been an integral part of Central banking. Modern examples include the establishment of systems allowing for immediate interbank gross settlement and the recent increased emphasis on faster retail payment systems. Central bank digital currencies (CBDCs) represent another such potential innovation.
2 Central bank digital currencies Issuance of a CBDC would probably not alter the basic mechanics of monetary policy implementation, including central banks’ use of open market operations.
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