A Review of Central Bank Digital Currencies

Amitoj Singh, David Parapallicherayil John, Arun Pattamookkil Jacob
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Abstract

This is a review paper on the exploratory research done by various central banks and international organisations on CBDCs and the framework to be followed for implementing these CBDCs so that the monetary system of a specific country remains unaffected. CBDCs and cryptocurrency in general as we know have become quite popular and are the talking point for many research scholars, economists and investment analysts. While many believe cryptocurrencies to have no intrinsic value, the value of the underlying technology i.e blockchain is something that can be argued upon. CBDCs remove the major cons of cryptocurrency by providing stability to the volatile cryptocurrency market and by acting as a legal tender thereby gaining the trust of retail public. Many governments believe that the introduction of CBDCs into the economy could simplify the payment’s structure thereby increasing the velocity of money leading to higher GDP growth. But one possibility that shatters this glass of optimistic views is the possibility of disintermediation of banks which could adversely affect the credit creation capacity of the country and disintegrate the entire monetary policy formation mechanism. Therefore, though the concept of digital currencies may excite many people, its adoption in an economy should be considered only after thorough research and pilot programs conducted by the central banks.
中央银行数字货币综述
这是一篇关于各中央银行和国际组织对cbdc进行的探索性研究的综述论文,以及实施这些cbdc所遵循的框架,以使特定国家的货币体系不受影响。正如我们所知,cbdc和加密货币已经变得相当受欢迎,是许多研究学者、经济学家和投资分析师的话题。虽然许多人认为加密货币没有内在价值,但底层技术(即区块链)的价值是可以争论的。cbdc通过为波动的加密货币市场提供稳定性,并作为法定货币,从而获得零售公众的信任,从而消除了加密货币的主要缺点。许多政府认为,将cbdc引入经济可以简化支付结构,从而提高货币的流通速度,从而提高GDP增长。但打破这种乐观观点的一种可能性是银行脱媒的可能性,这可能对国家的信贷创造能力产生不利影响,并瓦解整个货币政策形成机制。因此,尽管数字货币的概念可能会让很多人感到兴奋,但只有在中央银行进行彻底的研究和试点项目之后,才应该考虑在经济中采用数字货币。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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