The potential role of Central Bank Digital Currency (CBDC) in the financial system


This paper focuses on the role of CBDC in the financial system. Three factors make the emergence of digital banknotes and coins necessary. The first factor is digitalisation, which has not yet penetrated the field of finance, if we ignore blockchain-based technology and the activities of fintech companies. At the intersection of digital tools, blockchain and financial services, Decentralized Finance (DEFI) has emerged, with decentralized operations, decentralized intermediation, i.e. the elimination of financial intermediaries, and programmed operations with smart contracts as its main features (Wharton, 2021). The second factor is the relative slowness of global currency transfers when using fiat money. The third factor is the dominant role of stablecoins in crypto-assets and the resulting risks (Zéman et al., 2017)  and functioning of stablecoins similar to as of the money market instruments (Kecskés, 2018). In addition to these three reasons, central banks must also address the limited availability of financial services in the context of financial system reform. The timeliness of the latter problem was confirmed by the fact that the public funds allocated during the coronavirus epidemic were slow to reach the affected populations.

X. ÉVF. 2022. Különszám 44-47

DOI: 10.24387/CI.2022.SI.8


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