The failure of major banks in 2023, such as Silicon Valley Bank (SVB), Signature Bank, First Republic Bank, and Credit Suisse, points to the continuing need for financial institutions to price liquidity risk properly and for financial systems to find...
This study investigates the relationship between cryptocurrency adoption rates (CARs) and the development of central bank digital currencies (CBDCs) using a global panel of 109 countries from 2020 to 2024. The analysis employs pooled OLS, fixed effec...
Central bank-issued digital currencies have sparked significant interest and are currently the subject of extensive research, owing to their potential for rapid settlement, low fees, accessibility, and automated monetary policies. However, central ba...
We analyze the path from cryptocurrencies to official Central Bank Digital Currencies (CBDCs), to shed some light on the ultimate dematerialization of money. To that end, we made an extensive search that resulted in a review of more than 100 academic...
This study aims to analyze the development of the Central Bank Digital Currency (CBDC) concept and create a design suitable for Turkey’s financial structure. Academic studies scanned in the Web of Science (WOS) database between 2018–2025...
The fast-growing, market-driven demand for cryptocurrencies worries central banks, as their monetary policy could be completely undermined. Central bank digital currencies (CBDCs) could offer a solution, yet our understanding of their design and cons...
Amid rising geopolitical fragmentation and growing uncertainty in global financial systems, Central Bank Digital Currencies (CBDCs) are increasingly viewed as a potential innovation in cross-border digital payments. This paper provides a systematic r...
Central Bank Digital Currencies (CBDCs) have transitioned from theoretical concepts to operational realities across multiple jurisdictions. While they promise improved payment efficiency and financial inclusion, public trust, privacy, and user adopti...
This paper proposes a CBDC design trilemma, the claim that central banks cannot simultaneously maximize privacy, financial stability, and regulatory compliance when designing retail central bank digital currencies and finds the existing literature co...
20 February 2023
Accounts receivable financing is one of the most prominent financing approaches in supply chain finance; nevertheless, in the actual financing process, financial institutions and SMEs have credit risk and information asymmetry risk, which leads to fr...
The implementation of Central Bank Digital Currencies (CBDCs) faces significant challenges in achieving the same level of anonymity and convenience in offline transactions as cash. This limitation imposes considerable constraints on the development a...
24 February 2021
This article analyzes the current situation of Central Bank Digital Currencies (CBDCs), which are digital currencies backed by a central bank. It introduces their current status, and how several countries and currency areas are considering their impl...
In this work, fundamental design principles for a central bank digital currency (CBDC) with offline functionality and corresponding countermeasures are discussed. We identify three major objectives relevant for core security and privacy properties of...
This paper discusses critical considerations in the design of central bank digital currency (CBDC) in West Africa through a comparative case study of Ghana’s (eCedi) and Nigeria’s (eNaira) design frameworks. This paper analyses CBDC desig...
This study investigates the influence of a country’s financial access and stability and the adoption of retail central bank digital currencies (CBDCs) across 71 countries. Using an ordinal logit model, we examine how individual financial access...
The introduction of central bank digital currencies (“CBDCs”)—notably the digital euro—stands to reshape the financial system’s structure. This study initially conducts a comparative analysis of household deposit outflow...
Building on the Innovation Diffusion Theory, this study proposes and explores the influence of financial literacy on the behavioral intention to use central banks’ digital currency (CBDC) and the moderating role of trust of respondents in the f...
This study examines the public’s adoption preferences for China’s central bank digital currency (e-CNY) through an improved Unified Theory of Acceptance and Use of Technology framework. Analyzing 3509 consumer and 1630 retailer questionna...
In this study, we examined the influence of users’ experiences with the unified payments interface (UPI) system on the usage behavior of central bank digital currency (CBDC) in India. Our research developed a novel conceptual framework that inv...
This paper considers the impact of Central Bank Digital Currencies (CBDCs) on the world’s financial systems with a special emphasis on G20 economies. Using quarterly macro-financial data for the period of 2000 to 2024, collected from the IMF, B...
Due to the growth of the internet and communication technologies, electronic financial systems are becoming popular. Physical cash is losing its preeminence, and digital numbers on computers represent money. However, electronic financial systems, mos...
This article analyzes the monetary policy of major central banks during the economic crisis generated by the COVID-19 pandemic. Rising public debt in many countries is being financed through asset purchases by monetary authorities. Although these sti...
In pursuit of a higher-quality post-pandemic economic recovery, Chinese authorities have accelerated the development of the e-CNY. This study posits that the e-CNY distinguishes itself from other payment instruments through its controlled anonymity,...
Central Bank Digital Currencies (CBDCs) are increasingly positioned as digital equivalents to physical cash, yet their ability to replicate the full functionality of cash remains contested. This study investigates whether the proposed Digital Euro ca...
The COVID-19 pandemic has had a profound impact on payment systems and preferences around the world, reducing the use of cash in favor of digital payment instruments and accelerating the discussion around the need for a central bank digital currency....
The introduction of Central Bank Digital Currency (CBDC) could represent a deep structural change to the financial sector, and in particular to the banking sector. This paper proposes a Deep Neural Network (DNN) design to model the introduction of CB...
This study investigates the impact of central bank digital currencies (CBDCs) on monetary policy flexibility, the effective lower bound (ELB), and negative interest rate policies (NIRPs), specifically in the case of the digital euro (DE). Through a c...
This paper examines the European Central Bank’s institutional capacity and readiness to introduce a digital euro in the context of accelerating digitalization, geopolitical uncertainty, and growing competition in the global monetary system. Rat...
The digital euro has moved from a general central-bank digital currency (CBDC) concept to a concrete Eurosystem project, situated between public digital cash, private payment innovation, and crypto-asset competition. This article develops a documenta...
Digital money has transformed from a technological experiment into a central concern of monetary economics, financial regulation, and public policy. Despite rapid growth in cryptocurrencies, stablecoins, central bank digital currencies (CBDCs), and t...
The ability to access quality financial services and cash has been indicated by various organizations, such as the World Bank or UN, as a fundamental aspect to guarantee regional sustainable development. However, access to cash is not always guarante...
The widespread reliance on paper-based currency poses significant drawbacks, such as counterfeiting, lack of transparency, and environmental impacts. While Central Bank Digital Currencies (CBDCs) address many of these issues, their dependence on cont...
Credit rationing, especially prevalent for smaller firms, impedes economic growth. A central bank-aligned not-for-profit managed business-to-business “stablecoin” (“synthetic central bank digital currency”) providing trade cre...
This entry explains how China’s e-CNY, the retail form of its Central Bank Digital Currency, translates three design choices into improved access, affordability, and reliability: (1) enabling wallet-to-wallet payments on the CBDC ledger with se...
In this paper, by performing an intertemporal comparison, we investigate two monetary policy regimes where a central bank is absent, and we further refer on the mechanisms they developed so as to ensure the reliability of transactions between the par...
This paper measures the post-treatment effects of Central Bank Digital Currencies (CBDCs) on mobile money and outstanding loans from commercial banks as a percentage of the GDP in Nigeria and the Bahamas, respectively, from the perspective of financi...
This study evaluates the early impact of Central Bank Digital Currencies (CBDCs) on key financial indicators in The Bahamas, focusing on the introduction of the SandDollar—the world’s first fully implemented retail CBDC. Using the Synthet...
This study investigates the potential effects of Mobile Money (MM) and Central Bank Digital Currencies (CBDCs) on the average transaction costs of remittances to Sub-Saharan Africa (SSA), with a focus on Nigeria. While much of the current literature...
This paper proposes a solution to the transfer problem between blockchain-based heterogeneous cryptocurrencies and CBDCs, with research derived from an analysis of the existing literature. Interoperability between heterogeneous blockchains has been a...
Cryptocurrencies are widely recognised for catalysing distributed ledger technologies and tokenisation, innovations that are transforming payment systems globally. However, their role as money is often contested and the subject of intense academic an...
This paper examines the question of what kind of money will govern the 21st century by examining the developments which characterise this landscape. On the basis of a review of the available literature and evidence, it is clear that certain technolog...
Money has always been a mirror of society, shifting from precious metals to paper, from checks to cards, from cash to mobile payments [...]
In this paper we set out a three-pillar monetary-financial framework to (i) analyze, categorize and compare past, current and emerging means of payment; to (ii) capture their creation and destruction processes through sectoral balance sheet dynamics;...
This study analyses the current debate around central bank-backed digital currency (CBDC). A comparative study was carried out considering countries for and against implementing a CBDC and their reasons, looking for common causes, differences, etc. T...
This paper develops an analytical framework for the joint design of central bank digital currency (CBDC) and its underlying ledger architecture. We treat a digital monetary system as a tuple M = (S, R, C, I)—supply state, rule set, circulation...
The latest advancements in distributed ledger technology (DLT) and payment architectures such as the UK’s New Payments Architecture present opportunities for leveraging the hidden informational value and intelligence within payments. In this pa...
For one variable–supply currency in isolation, one player’s Cobb–Douglas utility depends on the current supply divided by the initial supply, multiplied by the inverse of the accumulative inflation/deflation. With equal weight assig...
Central Bank Digital Currency (CBDC) is a digital currency issued by a central bank. Motivated by the financial crisis and prospect of a cashless society, countries are researching CBDC. Recently, global consideration has been given to paying basic i...
Crypto assets have upset the pillars of regulatory and centralized monetary policy, and the Financial Accounting Standards Board (FASB) has been slow in developing a position on how to account for cryptocurrencies. Currently, there are many accountin...
Banks around the globe are rapidly progressing towards the adoption of digital currency. However, its adoption rate has been consistently low among both emerging and advanced economies. This study examines the user adoption of the Indian digital curr...
of 2