The coming central bank digital currency revolution and the e-CNY

The only central bank money individuals and businesses have today is cash. Everything else they use as money is commercial bank promises. Central bank digital currencies (“CBDC”) will likely change all this by putting central bank money into everyone’s hands. China is a front runner in this revoluti...

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Bibliographic Details
Main Authors: WANG, Heng, BUCKLEY, Ross
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2023
Subjects:
Online Access:https://ink.library.smu.edu.sg/sol_research/4281
https://ink.library.smu.edu.sg/context/sol_research/article/6239/viewcontent/SJLS_Mar_23_145_pv.pdf
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Institution: Singapore Management University
Language: English
Description
Summary:The only central bank money individuals and businesses have today is cash. Everything else they use as money is commercial bank promises. Central bank digital currencies (“CBDC”) will likely change all this by putting central bank money into everyone’s hands. China is a front runner in this revolution, and its CBDC, the e-CNY, may well in time profoundly affect the international economic order. This article analyses the major considerations around the e-CNY, its ramifications, in particular for trade, and its possible challenges.