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<h1>2022-6: "A digital euro and the future of cash"</h1>
<h2>Background</h2>
<p>
The <a href="https://www.oenb.at/">Central Bank of Austria</a> has
published a report in the context of a workshop
<a href="https://www.oenb.at/Termine/2022/2022-06-21-workshop-euroat20.html">celebrating 20 years of
Euro-denominated cash</a>. The report discusses the future of cash,
including account- and blockchain-based designs, as well as
<a href="https://taler.net/">GNU Taler</a>.
</p>
<h2>Abstract</h2>
<p>
What is the discussion about a digital euro – and, more generally, digital
central bank currencies – all about? We are focusing here on the future of
cash. For strategic reasons, central banks are seeking to provide a credible
and viable public anchor for digital money given that the future might be
shaped more strongly by new private issuers of money. The technological
structures and business model-driven incentives of the new players, which are
associated with the internet economy and thrive on network effects, might lead
to a concentration of significant market power in payments. Ultimately, this
might even result in a fragmented monetary system and jeopardize universal
access to public money. From a central bank’s perspective, the crucial
question is therefore not so much about replacing cash with new payment
technologies but about finding ways to ensure that the monetary system will
continue to work in the public interest in a digital future. Cash will, and
should, play a role also in a future monetary system. By creating a digital
euro, central banks in the euro area aim to adapt cash in such a way that it
meets the needs of the digital age.
</p>
<h2>Download links</h2>
<ul>
<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>
<li><a href="/papers/digital-euro-and-the-future-of-cash.pdf">Local copy (mirror)</a></li>
</ul>
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