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Navigating the Digital Paradigm Shift: Designing CBDCs for a Transformative Financial Landscape
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Author(s): Pawan Kumar (Chandigarh University, India), Sanjay Taneja (Graphic Era University, India), Mukul Bhatnagar (Chandigarh University, India)and Arvinder K. Kaur (Chandigarh University, India)
Copyright: 2024
Pages: 17
Source title:
Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges
Source Author(s)/Editor(s): Guneet Kaur (University of Stirling, UK), Pooja Lekhi (University Canada West, Canada)and Simriti Popli (Kaplan International College, UK)
DOI: 10.4018/979-8-3693-1882-9.ch006
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Abstract
Key drivers of banking reform include central bank digital currencies. When building central bank digital currencies, central banks and regulators have to negotiate essential characteristics and strategic design features to adapt to the digital revolution. CBDCs digitize fiat currency in a revolutionary central bank-supervised fashion. CBDCs may improve financial inclusion, payments, and monetary policy. The complex design of central bank digital currencies (CBDCs) includes wholesale and retail businesses, technology, and regulatory frameworks. Central banks worldwide handle central bank digital currencies differently in pilot projects and research. Confidentiality, cyber security, and traditional banking are covered in the chapter. Central bank digital currencies and digital technology are changing banking. Carefully constructed central bank digital currencies (CBDCs) may unleash their revolutionary potential.
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