#CryptoCurrency / BIS examines the rise of the CBDCs

Given the novelty of CBDC, and the scope for “clean-slate” thinking on the nature and provision of money, it is natural that the approaches will differ across countries, in line with economic circumstances and users’ priorities…

In countries where digital payments are already very advanced, and cash use is declining, central banks may respond in particular to ensure the ongoing availability of a public sector-provided means of payment. In countries with a lower penetration of digital payments, financial inclusion may be an important driver.

However, there are some common themes, most notably that no designs are intended to replace cash. Most also still involve a strong role for intermediaries and none of the designs is pursuing the Indirect model, where a CBDC is a claim on intermediaries rather than on central banks.