{"title":"A critical evaluation of Central Bank Digital Currencies (CBDCs): payments’ final frontier?","authors":"Emilios Avgouleas, William Blair","doi":"10.1093/cmlj/kmae002","DOIUrl":null,"url":null,"abstract":"Central Bank Digital Currencies (CBDCs) are the latest advancement in the area of digital money and payments. CBDCs would constitute a claim on the central bank, a central bank liability; CBDCs may be not only for domestic use, as, subject to the connectivity of the chosen type of technology, the digitization of international payments means that some CBDCs may potentially be used on a cross-border basis. One key challenge concerning CBDCs refers to the preservation of the privacy of citizens’ payments. Another is the role to be played by the private banking sector in the distribution and storage of CBDCs. A number of rationales have been suggested for the introduction of CBDCs, from financial inclusion to making innovation work for the common good. On the other hand, there is no widespread consensus as to the utility of CBDCs. The majority view is that CBDCs will be introduced as a form of digital money that is entirely distinct from cryptocurrencies, and will remain so.","PeriodicalId":43720,"journal":{"name":"Capital Markets Law Journal","volume":"7 1","pages":""},"PeriodicalIF":0.9000,"publicationDate":"2024-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Capital Markets Law Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/cmlj/kmae002","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"LAW","Score":null,"Total":0}
引用次数: 0
Abstract
Central Bank Digital Currencies (CBDCs) are the latest advancement in the area of digital money and payments. CBDCs would constitute a claim on the central bank, a central bank liability; CBDCs may be not only for domestic use, as, subject to the connectivity of the chosen type of technology, the digitization of international payments means that some CBDCs may potentially be used on a cross-border basis. One key challenge concerning CBDCs refers to the preservation of the privacy of citizens’ payments. Another is the role to be played by the private banking sector in the distribution and storage of CBDCs. A number of rationales have been suggested for the introduction of CBDCs, from financial inclusion to making innovation work for the common good. On the other hand, there is no widespread consensus as to the utility of CBDCs. The majority view is that CBDCs will be introduced as a form of digital money that is entirely distinct from cryptocurrencies, and will remain so.
期刊介绍：
This journal is essential for all serious capital markets practitioners and for academics with an interest in this growing field around the World. It is the first periodical to focus entirely on aspects related to capital markets for lawyers and covers all of the fields within this practice area: Debt; Derivatives; Equity; High Yield Products; Securitisation; and Repackaging. With an international perspective, each issue covers articles and news relevant to the financial centres in the US, Europe and Asia. The journal provides a mix of thoughtful and in-depth consideration of the law and practice of capital markets through analytical articles on topical issues written by leading practitioners and academics in the international arena. There are also articles on matters of best practice and opinion on legal and practice developments from around the world. In particular the journal offers: • Unique specialist coverage of international capital markets practice • High level of analysis for experienced lawyers and academics • Team of internationally respected editors from leading centres in the US, Europe and Asia • Quality of articles assured through peer review system.
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