Central bank digital currency

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Title: Central bank digital currency
Author: Grym, Aleksi ; Heikkinen, Päivi ; Kauko, Karlo ; Takala, Kari
Organization: Bank of Finland
Suomen Pankki
Series: BoF Economics Review
Series number: 5/2017
Year of publication: 2017
Publication date: 21.11.2017
Pages: 11
Subject (yso): keskuspankit; maksuvälineet; digitalisoituminen; käteisraha; elektroninen raha; raha
Keywords: keskuspankkiraha; digitaalinen keskuspankkiraha; CBDC-raha
JEL: G21; E58; E42
Other keywords: money; central banks; e-money; CBDC
Abstract: Central banks have traditionally issued cash to the general public. With digitalisation, banknotes are becoming a technically outdated payment instrument, and some central banks have explored the possibility of central bank-issued electronic money applicable to retail payments. Electronic central bank money would offer the public the possibility to hold central bank money in a potentially cashless future. In its present form, blockchain technology would probably not be a suitable solution, since it is unable to process a sufficiently large number of transactions. Electronic central bank money would potentially have significant implications for other areas of central bank policy, which should be meticulously analysed.
Note: This article was originally published in Finnish under the title ”Digitaalinen keskuspankkiraha”, BoF Economics Review 4/2017 (http://urn.fi/URN:NBN:fi:bof-201711031665).
Rights: https://helda.helsinki.fi/bof/copyright

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