Central Bank Digital Currencies: Benefits, Risks and the Role of Blockchain Technology
Abstract Blockchain technology can be the basis for future currencies. Numerous central banks are experimenting with this distributed ledger technology to map currencies on a blockchain basis in the future (central bank digital currencies, CBDCs). In this article, we explore motives for the introduc...
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| Format: | Article |
| Language: | deu |
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Sciendo
2020-07-01
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| Series: | Wirtschaftsdienst |
| Online Access: | https://doi.org/10.1007/s10273-020-2702-7 |
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| _version_ | 1832569528748343296 |
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| author | Jonas Groß Manuel Klein Philipp Sandner |
| author_facet | Jonas Groß Manuel Klein Philipp Sandner |
| author_sort | Jonas Groß |
| collection | DOAJ |
| description | Abstract Blockchain technology can be the basis for future currencies. Numerous central banks are experimenting with this distributed ledger technology to map currencies on a blockchain basis in the future (central bank digital currencies, CBDCs). In this article, we explore motives for the introduction of CBDCs. The main motives are higher financial stability, higher security and efficiency of payment systems and a higher degree of automation of business processes. Furthermore, the risks of CBDCs are presented and the current state of development at the European Central Bank (ECB) is discussed. |
| format | Article |
| id | doaj-art-6bedf8a3f0e24a809a7c094494eac988 |
| institution | Kabale University |
| issn | 0043-6275 1613-978X |
| language | deu |
| publishDate | 2020-07-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Wirtschaftsdienst |
| spelling | doaj-art-6bedf8a3f0e24a809a7c094494eac9882025-02-02T20:52:51ZdeuSciendoWirtschaftsdienst0043-62751613-978X2020-07-01100754554910.1007/s10273-020-2702-7Central Bank Digital Currencies: Benefits, Risks and the Role of Blockchain TechnologyJonas Groß0Manuel Klein1Philipp Sandner2Frankfurt School of Finance & Management gGmbH, Frankfurt School Blockchain CenterFactSet GmbHFrankfurt School of Finance & Management gGmbH, Frankfurt School Blockchain CenterAbstract Blockchain technology can be the basis for future currencies. Numerous central banks are experimenting with this distributed ledger technology to map currencies on a blockchain basis in the future (central bank digital currencies, CBDCs). In this article, we explore motives for the introduction of CBDCs. The main motives are higher financial stability, higher security and efficiency of payment systems and a higher degree of automation of business processes. Furthermore, the risks of CBDCs are presented and the current state of development at the European Central Bank (ECB) is discussed.https://doi.org/10.1007/s10273-020-2702-7 |
| spellingShingle | Jonas Groß Manuel Klein Philipp Sandner Central Bank Digital Currencies: Benefits, Risks and the Role of Blockchain Technology Wirtschaftsdienst |
| title | Central Bank Digital Currencies: Benefits, Risks and the Role of Blockchain Technology |
| title_full | Central Bank Digital Currencies: Benefits, Risks and the Role of Blockchain Technology |
| title_fullStr | Central Bank Digital Currencies: Benefits, Risks and the Role of Blockchain Technology |
| title_full_unstemmed | Central Bank Digital Currencies: Benefits, Risks and the Role of Blockchain Technology |
| title_short | Central Bank Digital Currencies: Benefits, Risks and the Role of Blockchain Technology |
| title_sort | central bank digital currencies benefits risks and the role of blockchain technology |
| url | https://doi.org/10.1007/s10273-020-2702-7 |
| work_keys_str_mv | AT jonasgroß centralbankdigitalcurrenciesbenefitsrisksandtheroleofblockchaintechnology AT manuelklein centralbankdigitalcurrenciesbenefitsrisksandtheroleofblockchaintechnology AT philippsandner centralbankdigitalcurrenciesbenefitsrisksandtheroleofblockchaintechnology |