Central bank digital currencies (CBDCs) have grasped the interest of central banks, policy makers, regulators, industry, and the general public, especially over the past year. The number of central banks actively engaging in CBDCs in one way or another, has increased from one third in 2018, to almost 90% as of March 2021.
This report aims to provide a foundational understanding of CBDCs, the factors that necessitate their issuance, and an overview of the events leading up to relevant initiatives, public tests and live implementations. We focus on a European CBDC (henceforth also referred to as the ‘digital euro’) to explore the design space of its possible future implementation.
Keywords: Central Bank Digital Currencies, CBDC, DLT, Cryptocurrencies
Giaglis, George and Dionysopoulos, Lambis and Charalambous, Marianna and Kostopoulos, Nikos and Vlachos, Ioannis and Damvakeraki, Tonia and Noszek, Zalan and Sovershennyi, Andrii and Chykhradze, Kyrylo and Papoutsoglou, Iordanis and Votis, Konstantinos and Anania, Alexi and Bonetti, Alessandro and Le Hors, Arnaud and de Moura, Erick and Copic, Ezechiel and Skultetyova, Ivona and Ramaswamy, Jai and Seigneur, Jean-Marc and Ellul, Joshua and Fantacci, Luca and Niforos, Marina and Hammond, Matthew and Ruiz, Manuel Machado and Dini, Paolo and Stornetta, W. Scott and Loesch, Stefan and Moreno, Suzana Maranhão and Slapnik, Tadej, Central Bank Digital Currencies and a Euro for the Future (July 22, 2021). European Union Blockchain Observatory and Forum Thematic Report 2021, Available at SSRN: https://ssrn.com/abstract=3891861
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Marco Da Rin at Tilburg University, Department of Finance, Francesco Giavazzi at University of Bocconi - Innocenzo Gasparini Institute for Economic Research (IGIER)National Bureau of Economic Research (NBER)
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