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 The Implications of New Forms of Money for Financial Stability: Central Bank Digital Currencies and Stablecoins


Ulrich BINDSEIL * Directeur général, DG Infrastructures de marché et paiements, Banque centrale européenne (BCE). Contact : ulrich.bindseil@ecb.europa.eu.L'auteur tient à remercier Karine Themejian, Fiona van Echelpoel, Max Landgraf, Christian Pfister et Pierre Lahbabi pour leurs idées et leurs commentaires approfondis sur les versions précédentes. Toutes les erreurs dans le texte final sont sous la responsabilité de l'auteur. Les opinions sont celles de l'auteur et ne sont pas nécessairement celles de la BCE.

Money plays a pervasive role in economic trade and finance, so it is to be expected that the introduction of new forms of money, while likely to further improve the efficiency and liquidity of the economy, also creates new risks. These risks must be understood and addressed. Two new forms of money that are currently emerging, central bank digital currency (CBDC) and stablecoins, still play a limited role in practice, but may become important in the medium to long term. The implications for financial stability have been widely discussed in the literature in recent years. In this article, we summarize this literature and draw conclusions about the nature, extent, and mitigation options for these risks to financial stability.