"Why Central Bank Digital Currencies?" in Federal Reserve Bank of New York's Liberty Street Economics

DCI Director Neha Narula co-authored the piece, "Why Central Bank Digital Currencies?" published in the Federal Reserve Bank of New York's Liberty Street Economics

“In the past year, a number of central banks have stepped up work on central bank digital currencies (CBDCs – see map). For central banks, are CBDCs just a defensive reaction to private-sector innovations in money, or are they an opportunity for the monetary system? In this post, we consider several long-standing goals of central banks in their support and provision of retail payments, why and how central banks tackle these issues, and where CBDCs fit into the array of potential solutions…”

Cite: Raphael Auer, Jon Frost, Michael Lee, Antoine Martin, and Neha Narula, “Why Central Bank Digital Currencies?,” Federal Reserve Bank of New York Liberty Street Economics, December 1, 2021, https://libertystreeteconomics.newyorkfed.org/2021/12/why-central-bank-digital-currencies/.