So far, Central Bank Digital Currencies have failed

IF 1 Q3 ECONOMICS
Kevin Dowd
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引用次数: 0

Abstract

This article examines the experiences of Central Bank Digital Currencies (CBDCs) implemented so far. To date, CBDCs have been implemented in two countries (Finland and Ecuador) where they have failed and been abandoned. They have also been implemented in three Caribbean cases and in China and Nigeria; these five cases are ongoing. These experiences can be summarised as a series of abandoned experiments, embarrassing flops and monumental exercises in policymaker hubris, one of which has already produced a major disaster. In each case where data exist to assess the situation, the public demand for CBDCs has been extremely low. Experience suggests that CBDCs do not offer tangible benefits which existing alternatives cannot already deliver. One might speculate that future CBDCs will fail for similar reasons.

Abstract Image

迄今为止,中央银行的数字货币都失败了
本文探讨了迄今为止中央银行数字货币(CBDCs)的实施经验。迄今为止,中央银行数字货币已在两个国家(芬兰和厄瓜多尔)实施,但均以失败告终。此外,还在加勒比地区的三个国家以及中国和尼日利亚实施了 CBDC;这五个国家的 CBDC 正在实施中。这些经验可以概括为一系列被放弃的试验、令人尴尬的失败和决策者的傲慢,其中一个已经造成了重大灾难。在每一个有数据评估的案例中,公众对社区发展中心的需求都非常低。经验表明,CBDC 并不能提供现有替代方案所不能提供的切实利益。我们可以推测,未来的社区发展中心也会因为类似的原因而失败。
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来源期刊
ECONOMIC AFFAIRS
ECONOMIC AFFAIRS ECONOMICS-
CiteScore
1.40
自引率
14.30%
发文量
0
期刊介绍: Economic Affairs is a journal for those interested in the application of economic principles to practical affairs. It aims to stimulate debate on economic and social problems by asking its authors, while analysing complex issues, to make their analysis and conclusions accessible to a wide audience. Each issue has a theme on which the main articles focus, providing a succinct and up-to-date review of a particular field of applied economics. Themes in 2008 included: New Perspectives on the Economics and Politics of Ageing, Housing for the Poor: the Role of Government, The Economic Analysis of Institutions, and Healthcare: State Failure. Academics are also invited to submit additional articles on subjects related to the coverage of the journal. There is section of double blind refereed articles and a section for shorter pieces that are reviewed by our Editorial Board (Economic Viewpoints). Please contact the editor for full submission details for both sections.
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