Dollar to Digital: Understanding the Risks of Retail CBDCs
Date
2023-11-21
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Abstract
With the emergence of centralized digital currencies, commonly known as cryptocurrencies, in the mid-2010s, governments across the globe began researching and discussing developing and implementing central bank digital currencies (CBDCs). This paper delves into the implementation of various CBDC models and the potential ramifications and transformations they bring to the financial landscape. Using a holistic lens, incorporating unbanked peoples, environmental impacts, privacy, and commercial and central bank implications, I explore the opportunities and challenges created through CBDCs. I take into account a plethora of major entities and their respective positions to broaden our financial perspective and gain better monetary agency.
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Centralized Digital Bank Currency (CBDC), Currency, digital, Currency innovation, Financial governance