Central Bank Digital Currencies

Steve Rich
Steve Rich
01 Nov 2020

Central banks worldwide are increasingly studying the monetary policy and financial system implications of issuing central bank digital currencies Electronic central bank money has existed for decades most ubiquitously as balances that are held by banks at the central bank to facilitate electronic settlement in RTGS systems Therefore Central banks plan to create a huge liquid private market in which households and companies can trade bank deposits against central bank digital currencies among themselves Minimum one party capable of trading on any arbitrage opportunities would ensure parity of bank deposits with the national currency as effectively and with fewer risks than reliance on their guaranteed convertibility into central bank money at banks

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