Una introducción al debate actual sobre la moneda digital de banco central (CBDC) (An Introduction to the Current Debate on Central Bank Digital Currency (CBDC))

32 Pages Posted: 3 Jun 2020 Last revised: 17 Nov 2020

Date Written: March 11, 2020

Abstract

Spanish Abstract: Este documento ofrece una visión general sobre el significado de una central bank digital currency (CBDC) que pueda servir de base para una discusión ordenada que permita profundizar en los diferentes aspectos relevantes del debate actualmente abierto sobre este activo financiero digital. El objetivo fundamental es revisar las motivaciones que pueden justificar la emisión de CBDC y llevar a cabo un análisis preliminar de sus principales implicaciones, especialmente de las vinculadas a los modelos de CBDC que parecen más probables, a tenor de las motivaciones de los bancos centrales que, en estos momentos, han avanzado más seriamente hacia su emisión.

English Abstract: This paper provides an overview of the concept of central bank digital currency (CBDC) that may serve as a basis for an ordered discussion and an in-depth analysis of the different relevant aspects in the ongoing debate about this digital financial asset. The primary objective is to review the grounds that could warrant issuing CBDC and undertake a preliminary analysis of its main implications, especially those linked to the CBDC models that seem most likely to be adopted, judging by the motivations of the central banks whose issuance plans are currently most advanced.

Note: Downloadable document is in Spanish.

Keywords: central bank digital currency, stablecoins, cryptocurrencies, cryptoassets.

JEL Classification: E42, E52, E58.

Suggested Citation

Ayuso, Juan and Conesa, Carlos, Una introducción al debate actual sobre la moneda digital de banco central (CBDC) (An Introduction to the Current Debate on Central Bank Digital Currency (CBDC)) (March 11, 2020). Banco de Espana Occasional Paper No. 2005, Available at SSRN: https://ssrn.com/abstract=3617558 or http://dx.doi.org/10.2139/ssrn.3617558

Juan Ayuso (Contact Author)

Banco de España ( email )

Alcala 50
Servicio de Estudios
28014 Madrid
Spain
+34 91 338 5735 (Phone)
+34 91 338 5624 (Fax)

Carlos Conesa

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

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