Abstract
This paper examines the rationale behind the exploration by the vast majority of central banks of introducing central bank digital currencies. This phenomenon is discussed in the context of the main drivers of central bank interest, the crucial role of public money in supporting and complementing private money channels, the role of digital ledger technology in facilitating the delivery of both wholesale and retail central bank digital currencies, and innovation in the forms of money that this enterprise represents. The implications for domestic and international monetary system architectures in the immediate, short-term, and long-term will be discussed. It will be argued that the delivery of central bank digital currencies represents an important development in the future of money, and requires agreement of the public following a wide-ranging debate at all levels in society.
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Lloyd, M. The Future of Money: Central Bank Digital Currencies. Atl Econ J 50, 85–98 (2022). https://doi.org/10.1007/s11293-022-09748-3
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DOI: https://doi.org/10.1007/s11293-022-09748-3