Monetary Policy Implications of Central Bank-Issued Digital Currency

8 Pages Posted: 14 Sep 2018

Date Written: July 30, 2018

Abstract

This article analyses the concept of digital currency issuable by a central bank, highlighting its similarities to and differences from the two main liabilities on its balance sheet: cash and bank reserves. It also discusses the main reasons why some central banks are looking into the potential consequences of the introduction of this new instrument. Lastly, it considers different central bank digital currency alternatives and highlights some of the possible implications for monetary policy conduct and for financial stability.

Suggested Citation

Nuno, Galo, Monetary Policy Implications of Central Bank-Issued Digital Currency (July 30, 2018). Banco de Espana Article 15/18. Available at SSRN: https://ssrn.com/abstract=3249004

Galo Nuno (Contact Author)

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

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