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Monetary policy implications of central bank-issued digital currency

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30-Jul-2018
Abstract
This article analyses the concept of digital currency issuable by a central bank, highlighting its similarities to and differences from the two main liabilities on its balance sheet: cash and bank reserves. It also discusses the main reasons why some central banks are looking into the potential consequences of the introduction of this new instrument. Lastly, it considers different central bank digital currency alternatives and highlights some of the possible implications for monetary policy conduct and for financial stability
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Economic bulletin / Banco de España. Analytical articles
Economic bulletin / Banco de España , n. 3, 2018, 8 p
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