Central Banks & Central Bank Digital
Currency
Required Readings:
‘Casting Light on Central Bank Digital Currencies’ International Monetary Fund (November 12, 2018)
‘China’s Digital Fiat Wants to Compete with Bitcoin – But It’s Not a Crypto’ CoinDesk (August 1, 2019)
‘FX remains a hurdle for Ubin-Jasper project’ DigFin (June 19, 2019)
‘The Riksbank proposes a review of the concept of legal tender’ Sveriges Riksbank (April 29, 2019)
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‘The future of money and payments’ Agustin Carstens, Bank for International Settlements (March 22,
2019)
Optional Reading:
‘The Future of Money: Digital Currency’ Rodney Garratt (July 18, 2018)
‘The World’s First Central Bank Electronic Money Has Come – And Gone: Ecuador, 2014-2018’ Alt-M
(March 29, 2018)
‘Central bank digital currencies’ Bank for International Settlements, Committee on Payments and
Market Infrastructures (March 2018)
‘The Future of Money’ Carney (March 2, 2018)
‘Central Banks and digital currencies’ Broadbent (March 2, 2016)
Study Questions/Issues to Prepare:
1) What strategic considerations should go into Central Banks thinking of expanding access to
digital reserves through central bank digital currency (CBDC)? Thinking about using blockchain
technology to update payment systems?
2) What are the policy challenges CBDCs might pose to commercial banking models, monetary
policy implementation, payment systems resilience and financial stability?
3) What recommendations would you have for Sweden’s Riksbank (dating from 1668, the world’s
first central bank) for possible adoption of e-krona? For possible changes to legal tender laws?