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The Practitioners Perspective Panel discussion by Agustn Carstens - - PowerPoint PPT Presentation
The Practitioners Perspective Panel discussion by Agustn Carstens - - PowerPoint PPT Presentation
The Practitioners Perspective Panel discussion by Agustn Carstens General Manager, Bank for International Settlements The Workshop on Digital Currency Economics and Policy Singapore, 16 November 2018 Money Flower: a TV series 2 The Money
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The Money Flower: a taxonomy of money
The Venn diagram illustrates the four key properties of money: issuer (central bank or not); form (digital or physical); accessibility (widely or restricted); and technology (account-based or token-based). CB = central bank; CBDC = central bank digital currency (excluding digital central bank money already available to monetary counterparties and some non-monetary counterparties). Private digital tokens (general purpose) include cryptoassets and currencies, such as bitcoin and ethereum. Bank deposits are not widely accessible in all jurisdictions. For examples of how other forms of money may fit in the diagram, please refer to the source. Source: Based on M Bech and R Garratt, “Central bank cryptocurrencies”, BIS Quarterly Review, September 2017, pp 55–70.
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Card payments and cash in circulation across the world
Advanced economies, 2007-16 change, as a percentage of GDP
Source: M Bech, U Faruqui, F Ougaard and C Picillo (2018): “Payments are a-changin’ but cash still rules”, BIS Quarterly Review, March 2018, pp 67–80.
Emerging markets, 2007-16 change, as a percentage of GDP
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Card payments and cash in circulation in Sweden
Source: CPMI Red Book and Swish statistics 2012-2017.
18 20 22 24 1 2 3 09 11 13 15 17 card payments Lhs: cash in circulation Smart phone app (Swish) Rhs:
As a percentage of GDP
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CBDC work
Focus of work1
1 Share of respondents who are conducting work on CBDC
Sources: CPMI central bank survey on CBDC and digital tokens.
Share of respondents
20 40 60 80 100 Yes No 12 31 57 Wholesale CBDCs General purpose CBDCs Both
Engagement in CBDC work
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Type of CBDC work
2018 Survey Over time
Sources: CPMI central bank survey on CBDC and digital tokens.
Share of respondents who are conducting work on CBDC
20 40 60 80 100
Research/ Study Experiments/ Development/ Proof of concept Pilot arrangement
20 40 60 80 100 2017 2018 Research/Study Experiments / Proof of concept
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Likelihood of issuing a CBDC
General-purpose CBDC Wholesale CBDC
Sources: CPMI central bank survey on CBDC and digital tokens.
Share of respondents
Short-term Medium-term 20 40 60 80 100 Very likely Somewhat likely Possible Short-term Medium-term 20 40 60 80 100 Somewhat unlikely Very unlikely