Central Bank Digital Currencies: considerations for a not-too-distant future

Keywords: Central bank digital currency; means of payment; monetary policy; central banks.


The central bank digital currencies (CBDC) are subjects of the rising interest of central banks from advanced and emerging economies. Given the relevance and topicality of the subject, this paper seeks to organize the debate that encompasses what is understood as CBDC in the recent international literature, as well as to analyze the possible implications of its implementation. Given that CBDC may assume various forms, there’s still high uncertainty regarding its potential costs and benefits. The decisions concerning the features of the CBDC may have deep implications on various aspects such as the resilience of the domestic financial system, monetary policy effectiveness, functioning of the credit system, and means of payments, among others. Despite the uncertainty associated with the range of possible CBDC architectures, we argue that the strategies of the central banks regarding CBDC may be seen as defensive, as a way to keep up with the technological and cultural changes whilst managing to conduct the process and sustain its central role on the financial system. 


Download data is not yet available.


Agur, I., Ari, A., & Dell’Ariccia, G. (2022). Designing central bank digital currencies. Journal of Monetary Economics, 125, 62-79. DOI: https://doi.org/10.1016/j.jmoneco.2021.05.002.

Araujo, F. (2022). Initial steps towards a central bank digital currency by the Central Bank of Brazil. BIS Papers, 31. Available on: <https://www.bis.org/publ/bppdf/bispap123_c.pdf>.

Auer, R., & Böhme, R. (2020). The technology of retail central bank digital currency. BIS Quarterly Review, March. Available at SSRN: <https://ssrn.com/abstract=3561198.>

Bank for International Settlements (BIS) (2020). Promoting global monetary and financial stability. In: BIS Annual Report 2019/20, 15-59. Available on: <https://www.bis.org/about/areport/areport2020.htm>.

Bank for International Settlements (BIS) (2021). CBDCs: an opportunity for the monetary system. In: BIS Annual Report 2021, 65-95. Available on: <https://www.bis.org/publ/arpdf/ar2021e3.htm>.

Bank of Canada; ECB; Bank of Japan; Sverigse Riksbank; Swiss national bank; Bank of England; Board of Governors of the Federal Reserve System; BIS (2020). Central Bank Digital Currencies: Foundational Principles and Core Features. Series of collaborations from a group of central banks, n.1, 26p.

Bech, M. L., & Garratt, R. (2017). Central bank cryptocurrencies. BIS Quarterly Review September. Bech, Morten L. and Garratt, Rodney, Central Bank Cryptocurrencies (September 17, 2017). BIS Quarterly Review September 2017, Available at SSRN: <https://ssrn.com/abstract=3041906>.

Bindseil, U. (2019). Central bank digital currency: Financial system implications and control. International Journal of Political Economy, 48(4), 303-335. DOI: https://doi.org/10.1080/08911916.2019.1693160

Boar, C., & Wehrli, A. (2021). Ready, steady, go?-Results of the third BIS survey on central bank digital currency. BIS papers, Bank for International Settlements, number 114.

Carstens, A. (2021). Digital Currencies and the Future Monetary System. Hoover Institution policy Seminar. Available on: <https://www.bis.org/speeches/sp210127.pdf>.

Cohen, B. J. (2000). The Geography of Money. Cornell university press. DOI: https://doi.org/10.7591/9781501722592

Committee on Payments and Market Infrastructures and Markets Committee (CPMI) (2018). Central bank digital currencies. Bank for International Settlements. Available on: <https://www.bis.org/cpmi/publ/d174.htm>.

European Central Bank (ECB) (2020). Report on a digital euro. Available on: <https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf>.

Financial Stability Board (FSB) (2020). Regulation, Supervision and Oversight of “Global Stablecoin” Arrangements. Final Report and High-Level Recommendations, October. Available on: <https://www.fsb.org/2020/10/regulation-supervision-and-oversight-of-global-stablecoin-arrangements/>.

G7 Working Group on Stablecoins (G7-WGS) (2019). Investigating the impact of global stablecoins. CPMI 187, 1-31. Available on: <https://www.bis.org/cpmi/publ/d187.pdf>

Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. London: Macmillan.

Kumhof, M., & Noone, C. (2018). Central bank digital currencies-design principles and balance sheet implications. Staff Working Papers, No. 725, Bank of England. DOI: http://dx.doi.org/10.2139/ssrn.3180713

Kynge, J., & Yu, S. (2021). Virtual control: the agenda behind China’s new digital currency. Financial Times, 17, 1-11.

Mancini-Griffoli, T., Peria, M. S. M., Agur, I., Ari, A., Kiff, J., Popescu, A., & Rochon, C. (2018). Casting light on central bank digital currency. IMF staff discussion note, 8(18), 1-39.

Mersch, Y. (2018, February). Virtual or virtueless? The evolution of money in the digital age. In Lecture at the Official Monetary and Financial Institutions Forum, London (Vol. 8). Available on: <https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp180208.en.html.>

Panetta, F. (2018). 21st century cash: Central banking, technological innovation and digital currencies. SUERF Policy Note, n. 40.

Peruffo, L., Haines, A. E. F., & Cunha, A. M. (2020). Criptomercados, o Iuane digital e o futuro do Dólar. Análise: conjuntura nacional e Coronavírus. Faculty of Economics/UFRGS. Available on: <https://www.ufrgs.br/fce/criptomercados-o-iuane-digital-e-o-futuro-do-dolar/>

Schnapper-Casteras, J. P. (2022). Here's why crypto won't save the Kremlin from sanctions. Atlantic Council Blog. Available on: <https://www.atlanticcouncil.org/blogs/new-atlanticist/heres-why-crypto-wont-save-the-kremlin-from-sanctions/>.

Soderberg, G., Bechara, M., Bossu, W., Che, N. X., Kiff, J., Lukonga, I., Mancini-Griffoli, T., Sun, T. & Yoshinaga, A. (2022). Behind the Scenes of Central Bank Digital Currency: Emerging Trends, Insights, and Policy Lessons. FinTech Notes, vol. 2022, issue 004. DOI: https://doi.org/10.5089/9798400201219.063

How to Cite
Vilela Sampaio, A., & Centeno, V. (2022). Central Bank Digital Currencies: considerations for a not-too-distant future. Brazilian Keynesian Review, 8(1), 10-33. https://doi.org/10.33834/bkr.v8i1.267