CENTRAL BANK DIGITAL CURRENCY

AN INTRODUCTION

Authors

  • Victor Augusto de Almeida Oliveira Universidade de São Paulo (USP), Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto (FEARP), Departamento de Economia, Ribeirão Preto, São Paulo, Brasil.
    • Jefferson Donizeti Pereira Bertolai Universidade de São Paulo (USP), Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto (FEARP), Departamento de Economia, Ribeirão Preto, São Paulo, Brasil.

      DOI:

      https://doi.org/10.22456/2176-5456.92204

      Abstract

      Cryptocurrencies have received a lot of attention by media, international organizations, Central Banks and academics. It has been argued if it would be of interest of Central Banks to issue a cryptocurrency or an electronic money. The diference between these two ways to access the Central Bank balance sheet is the transmission of units from an user to another. While the Central Bank cryptocurrency changes hands through a decentralized system, the Central Bank electronic money is transferred through a centralized system. In this dissertation, we show that the main difference between centralized and decentralized systems is the need to monitor the intermediaries’ actions. We conclude that the permissioned system may be regarded as a centralized system because it requires monitoring the intermediaries. We also study other questions related to the creation of a Central Bank digital currency (CBDC). Specially, we study the benefits that the issuance of a CBDC might have and the effects it may cause to the
      banking sector.

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      Published

      2022-03-31

      How to Cite

      Oliveira, V. A. de A., & Bertolai, J. D. P. (2022). CENTRAL BANK DIGITAL CURRENCY: AN INTRODUCTION. Análise Econômica, 40(81). https://doi.org/10.22456/2176-5456.92204

      Issue

      Vol. 40 No. 81 (2022): Março/2022

      Section

      Artigos

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      Copyright (c) 2022 Análise Econômica

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