2022-07.html.j2 (2098B)
1 {% extends "common/news.j2" %} {% block body_content %} 2 3 <h1>2022-6: "A digital euro and the future of cash"</h1> 4 5 <h2>Background</h2> 6 <p> 7 The <a href="https://www.oenb.at/">Central Bank of Austria</a> has 8 published a report in the context of a workshop 9 <a href="https://www.oenb.at/Termine/2022/2022-06-21-workshop-euroat20.html">celebrating 20 years of 10 Euro-denominated cash</a>. The report discusses the future of cash, 11 including account- and blockchain-based designs, as well as 12 <a href="https://taler.net/">GNU Taler</a>. 13 </p> 14 <h2>Abstract</h2> 15 <p> 16 What is the discussion about a digital euro – and, more generally, digital 17 central bank currencies – all about? We are focusing here on the future of 18 cash. For strategic reasons, central banks are seeking to provide a credible 19 and viable public anchor for digital money given that the future might be 20 shaped more strongly by new private issuers of money. The technological 21 structures and business model-driven incentives of the new players, which are 22 associated with the internet economy and thrive on network effects, might lead 23 to a concentration of significant market power in payments. Ultimately, this 24 might even result in a fragmented monetary system and jeopardize universal 25 access to public money. From a central bank’s perspective, the crucial 26 question is therefore not so much about replacing cash with new payment 27 technologies but about finding ways to ensure that the monetary system will 28 continue to work in the public interest in a digital future. Cash will, and 29 should, play a role also in a future monetary system. By creating a digital 30 euro, central banks in the euro area aim to adapt cash in such a way that it 31 meets the needs of the digital age. 32 </p> 33 <h2>Download links</h2> 34 <ul> 35 <li><a href="https://www.oenb.at/dam/jcr:0e3c00d6-2e0a-4089-b23c-5604e60ebde5/07_Mop_Q1-2_22_A-digital-euro-and-the-future-of-cash.pdf">Original publication (Oesterreichische Nationalbank)</a></li> 36 <li><a href="/papers/digital-euro-and-the-future-of-cash.pdf">Local copy (mirror)</a></li> 37 </ul> 38 39 {% endblock body_content %}