Study on central bank digital currency
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The National Bank of Hungary (MNB) published a comprehensive study on central bank digital currency as a first step in researching the area.
The volume, entitled "At the Dawn of a New Age: Money in the 21st century," summarizes theoretical considerations, practical issues, and motives behind the potential creation of central bank digital currencies.
It also addresses the impact of such currencies on monetary policy, financial stability, and cash flow, as well as the matter of infrastructural implementation.
"The 'digital competitors' [...] entering the market of financial services may produce the 'digital rivals' to national currencies through the digital means of payment they offer, which can fundamentally transform the monetary system as we know it today. Central banks also need to respond to this challenge," MNB governor György Matolcsy said in the forward to the volume.
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