## Casting Light on Central Bank Digital Currencies

_Staff Discussion Notes, November 14, 2018_

## Source details

**Canonical URL:** [Casting Light on Central Bank Digital Currencies](https://www.imf.org/en/publications/staff-discussion-notes/issues/2018/11/13/casting-light-on-central-bank-digital-currencies-46233)

## Other formats

- [Markdown version](/en/publications/staff-discussion-notes/issues/2018/11/13/casting-light-on-central-bank-digital-currencies-46233/index.md)
- [Structured JSON version](/en/publications/staff-discussion-notes/issues/2018/11/13/casting-light-on-central-bank-digital-currencies-46233/index.json)
- [Bundle manifest](/en/publications/staff-discussion-notes/issues/2018/11/13/casting-light-on-central-bank-digital-currencies-46233/bundle-manifest.json)

## Bibliographic details
- Authors: Tommaso Mancini-Griffoli, Maria Soledad Martinez Peria, Vikram Haksar, Dong He, Giovanni Dell'Ariccia
- Published: November 14, 2018
- Series: Staff Discussion Notes

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### Overview of CDBCs
- The paper is organized in five sections.
- The first offers an overview of CDBCs—what they are, why central banks might issue CDBCs, and how they might design these.

### Conceptual tradeoffs and implications for financial intermediation
- The second section uses a stylized model to:
  - Offer a conceptual discussion of the tradeoffs between different CDBC designs.
  - Examine some of the implications for financial intermediation.

### Potential side effects beyond the model
- The third section looks beyond the model at potential side effects of introducing a CDBC on:
  - Bank funding and business models.
  - Run risk.
  - Monetary policy transmission.
  - Cross-border payments.

### Central bank investigations and intentions
- The fourth section offers an overview of central bank investigations and intentions relative to the introduction of a CDBC.

### Conclusions and main messages
- The last section concludes and summarizes the main messages from the paper.

*Casting Light on Central Bank Digital Currencies. By Tommaso Mancini-Griffoli, Maria Soledad Martinez Peria, Vikram Haksar, Dong He, Giovanni Dell'Ariccia. November 14, 2018. Staff Discussion Notes No. 18/08. Stock No: SDNEA2018008. ISBN: 9781484384572. ISSN: 2221-030X.*

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## Content in this bundle

- **Staff Discussion Note**
  - [Staff Discussion Note (Markdown version)](/-/media/files/publications/sdn/2018/sdn1808.pdf.md){rel="alternate" type="text/markdown"}
  - [Staff Discussion Note (PDF)](/-/media/files/publications/sdn/2018/sdn1808.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/staff-discussion-notes/issues/2018/11/13/casting-light-on-central-bank-digital-currencies-46233_