The (Near) Future of Central Bank Digital Currencies. Risks and Opportunities for the Global Economy and Society

The value of global cashless payments has been radically increasing worldwide. Despite cash being the most used payment instrument in the world, technological innovation and new consumer preferences are decisively transforming the way consumers pay and manage money. The COVID-19 pandemic may also have been an accelerator of the cashless mega-trend. Private players currently dominate the digital payment ecosystem, urging central banks to seek solutions to ensure public access to legal tender if cash is phased out. In this context, the idea of a Central Bank Digital Currency (CBDC) is gaining momentum. Nevertheless, there is a need to better understand the implications in terms of risks, benefits and potential costs of CBDCs. From privacy concerns to macroeconomic effects, these implications blur the boundaries of the payment and financial systems, challenging the core functions of our economy and society.

This book has been realized thanks to the partnership between IAI and Intesa Sanpaolo and it has been supported by Intesa Sanpaolo and the Bank of Italy.

Bern [etc.], Peter Lang, 2021, 200 p. : ill.
978-3-0343-4275-9; 978-3-0343-4291-9 (pdf; 978-3-0343-4292-6 (ePub); 10.3726/b18087
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Figures, p. 9
Tables, p. 9
Foreword / Lorenzo Kamel, p. 11
Introduction / Nicola Bilotta and Fabrizio Botti, p. 13-14
1. CBDCs: The (Near?) Future of a Cashless Economy / Nicola Bilotta and Fabrizio Botti, p. 15-40
2. CBDC in the Broad Context of National Payments System Development / Massimo Cirasino, p. 41-74
3. Central Bank Digital Currency and the Future Financial System / Robleh Ali, p. 75-97
4. Central Bank Digital Currencies and Law / Steven L. Schwarcz, p. 99-112
5. The Digital Euro: Challenges and Opportunities / Franco Passacantando, p. 113-130
6. Digital Currency Initiatives on the African Continent / P.M.T. Masela, p. 131-144
7. China’s New Digital Currency: Implications for Renminbi Internationalization and the US Dollar / Jan Knoerich, p. 145-166
8. CBDCs and Stablecoins: The Scramble for (Controllable) Anonymity / Nicola Bilotta, p. 167-181
9. Digital Currency: A Global Regulatory Framework is Needed / Claude Lopez, p. 183-192
Conclusion / Nicola Bilotta and Fabrizio Botti, p. 193-196
Contributors, p. 197-198
Abbreviations, p. 199-200

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