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Proceeding with caution – a survey on central bank digital currency

Summary:
BIS Papers  |  No 101  |  08 January 2019 by  Christian Barontini and Henry Holden PDF full text (1,150kb)  |  24 pages The hypothetical benefits and risks of central bank digital currencies are being widely discussed. This BIS paper adds to these discussions by taking stock of how progress and plans in this area are developing, based on a global survey of central banks. Responses show that central banks are proceeding with caution and most are only at a conceptual stage with their work. However, a handful have moved to considering practical issues and a couple of central banks with

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BIS Papers  |  No 101  | 
08 January 2019
PDF full text
 (1,150kb)
 |  24 pages

The hypothetical benefits and risks of central bank digital currencies are being widely discussed. This BIS paper adds to these discussions by taking stock of how progress and plans in this area are developing, based on a global survey of central banks. Responses show that central banks are proceeding with caution and most are only at a conceptual stage with their work. However, a handful have moved to considering practical issues and a couple of central banks with idiosyncratic circumstances might issue a digital currency in the short or medium term.

JEL classification: E42, E58, O33

Keywords: central bank digital currencies, CBDC, digital innovation, money flower, cryptocurrencies, crypto-assets, financial inclusion

International Settlement
The Bank for International Settlements (BIS) is an international company limited by shares owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

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