Dirk Niepelt on the political economy of CBDCs
The BoE CBDC adviser discusses the social role of a retail digital currency versus commercial bank money and favours a remunerated approach
Several central banks are currently working on introducing a retail central bank digital currency (CBDC). In your view, what are the risks they most frequently overlook?
One risk is losing sight of the bigger picture. Retail CBDC is not merely a technological innovation that may or may not help respond efficiently to structural change in the payments system. It can also serve as a tool for broader reform of the monetary architecture. The overarching objective should be to provide liquidity to
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