Abstract
The paper reviews different approaches to implementation of the central bank digital currencies (CBDC). Retail as well as wholesale CBDC are reviewed. Implications for the domestic and cross-border usage are analyzed. Based on the theoretical assumptions and practical cases available so far, different implementation models are classified and graded. The analysis shows that different CBDC implementation models for might require different level of central bank involvement and various impact on monetary policy. It also indicates that although significant adaptation of governance and technical procedures might be required, retail and wholesale CBDC may increase efficiency of the current payment systems, ensure higher transparency and availability of payments. However, for jurisdictions with limited payment infrastructure the costs of implementing CBDC might be prohibitive.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Bech, M., Faruqui, U., Shirakami, T.: Payments without borders. BIS Q. Rev. March, 53–65 (2020)
Camera, G.: A perspective on electronic alternatives to traditional currencies. Sveriges Riksbank Econ. Rev. 1, 126–148 (2017)
Coeuré, B., Loh, J.: Central Bank Digital Currencies. Committee on Payments and Market Infrastructures BIS Report, p. 34 (2018)
Cross-border Interbank Payments and Settlements: Emerging Opportunities for Digital Transformation. Bank of England, Bank of Canada, Monetary Authority of Singapore (November 2018). https://www.mas.gov.sg/-/media/MAS/ProjectUbin/Cross-Border-Interbank-Payments-and-Settlements.pdf. Accessed 20 Mar 2020
DCEP Whitepaper Allryptowhitepapers (2020). https://www.allcryptowhitepapers.com/dcep-whitepaper. Accessed 20 Mar 2020
Kiselev, A.: Whether there is a future for digital currencies of central banks. Analytical note of the Bank of Russia, vol. 23 (2019). https://cbr.ru/content/document/file/71328/analytic_note_190418_dip.pdf. Accessed 03 Mar 2020
Kochergin, D., Yangirova, A.: Central bank digital currencies: key characteristics and directions of influence on the monetary and payment systems. Financ.: Theory Pract. 4(112), 80–98 (2019)
Kochergin, D., Yangirova, A.: Digital currencies as a new form of central banks money. ECO 10(544), 148–171 (2019)
STELLA - Synchronised Cross-Border Payments. European central bank, bank of Japan (June 2019). https://www.ecb.europa.eu/paym/intro/publications/pdf/ecb.miptopical190604.en.pdf. Accessed 18 Mar 2020
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this paper
Cite this paper
Kochergin, D., Dostov, V. (2020). Central Banks Digital Currency: Issuing and Integration Scenarios in the Monetary and Payment System. In: Abramowicz, W., Klein, G. (eds) Business Information Systems Workshops. BIS 2020. Lecture Notes in Business Information Processing, vol 394. Springer, Cham. https://doi.org/10.1007/978-3-030-61146-0_9
Download citation
DOI: https://doi.org/10.1007/978-3-030-61146-0_9
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-61145-3
Online ISBN: 978-3-030-61146-0
eBook Packages: Computer ScienceComputer Science (R0)