CBDCs and Their Implications for the International Monetary System

November 13, 2023

Central bank digital currencies (CBDCs) promise to revolutionize the way the world uses money, but there are questions around the impacts on monetary regulation and financial markets that still need to be answered. Unlike other types of digital currencies, such as cryptocurrencies and stablecoins, CBDCs are considered more trustworthy as a national currency because they are issued by national banks. But moving from traditional paper- and coin-based currencies to a digital platform raises many questions around monetary and financial stability, as well as governance (for example, related to privacy, competition, consumer protection and so on) that are currently being explored.

Co-hosted by the Centre for International Governance Innovation, the Fondazione Mario Arcelli ETS, Istituto di Studi per l’Economia Applicata and UniCredit Group, the conference on “Central Bank Digital Currencies (CBDC) and Their Implications for the International Monetary System” looked at the possible implications of CBDCs on monetary policy and financial markets.

About the Authors

Robert (Bob) Fay is a CIGI senior fellow and an expert in the field of digital economy research.

Angelo Federico Arcelli is currently a CIGI senior fellow and a professor of economics of international institutions at Guglielmo Marconi University in Rome.