Munich Personal RePEc Archive

Nicht die Zeit für digitales Notenbankgeld. Warum Cash weiterhin unersetzbar ist.

Belke, Ansgar and Beretta, Edoardo (2020): Nicht die Zeit für digitales Notenbankgeld. Warum Cash weiterhin unersetzbar ist.

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Abstract

The following short article aims at presenting some relevant (though less discussed) aspects of concern about introducing central bank digital currency – no matter if intended as a substitute or complement to cash. For example, concrete referral to potential effects such as bank runs and capital flight is also made. Its coexistence with limits for cash payments already existing in several European countries is analytically questioned too. What are also the structural characteristics making paper money and coins (which are the only means of payment directly issued by the central bank) still irreplaceable? These among other topics (like the effects of COVID-19 pandemic for limits for cash payments) will be dealt with following a discursive, yet rigorously macro-economically corroborated approach.

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