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An Evaluation of Central Bank Digital Currency

Year 2021, Volume: 6 Issue: 3, 271 - 276, 22.09.2021
https://doi.org/10.23834/isrjournal.887073

Abstract

The gold standard, which was created as an alternative to fiat currencies, has been tried to be implemented by countries in different periods of history. With the development of technology, the use of cash has decreased and paved the way for innovations to emerge. One of the innovations in the field of payment systems is cryptocurrencies. Crypto coins; can be defined as digital currencies based on mathematical algorithms, that do not lose their value due to inflation and are not affiliated with central institutions such as the central bank. States had to come up with new strategies to prevent the flight of fiat money and adapt to technology in emergencies. One of these strategies has been the Central Bank Digital Currency (CBDC) and studies have been initiated to determine whether the CBDCs can replace traditional money. This study aims to make evaluations in the field of CBDC. As a result, although their research on CBDC continues, very few of them have started and are continuing pilot projects.

References

  • Bech, M. L., & Garratt, R. (2017). Central Bank Cryptocurrencies. BIS Quarterly Review September.
  • BIS, C. (2003). The Role Of Central Bank Money In Payment Systems. BIS, CPSS num, 55.
  • BIS Market Committee. (2013). Central Bank Operating Frameworks And Collateral Markets. CGFS Paper, 53.
  • Boar, C., Holden, H., & Wadsworth, A. (2020). Impending Arrival–A Sequel To The Survey On Central Bank Digital Currency. BIS Paper, (107).
  • Chapman, J., Garratt, R., Hendry, S., McCormack, A., & McMahon, W. (2017). Project Jasper: Are Distributed Wholesale Payment Systems Feasible Yet. Financial System, 59.
  • Cœuré, B., & Loh, J. (2018). Central Bank Digital Currencies. Bank of International Settlements-CPMI Papers.
  • Dalal, S Yong & A Lewis (2017). The Future is Here–Project Ubin: SGD on Distributed Ledger, Monetary Authority of Singapore & Deloitte.
  • ECB, (2016). European Central Bank Press Release, “ECB ends production and issuance of €500 banknote”. https://www.ecb.europa.eu/press/pr/date/2016/html/pr160504.en.html. Erişim Tarihi: 26.07.2020
  • ECB, (2016). European Central Bank, “Report on a digital euro”. https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf. Erişim Tarihi: 19.10.2020
  • Fung, B. S., & Halaburda, H. (2016). Central Bank Digital Currencies: A Framework For Assessing Why And How. Available at SSRN 2994052.
  • Garratt, R., & Wallace, N. (2016). „Bitcoin 1, Bitcoin 2,...: An Experiment In Privately Issued Outside Monies “, University of California, Santa Barbara, Department of Economics. Departmental Working Paper.
  • Greenspan, A. (1966). Gold And Economic Freedom. The Objectivist, 5(7), 11-15.
  • Kahn, C. M., McAndrews, J., & Roberds, W. (2005). Money is Privacy. International Economic Review, 46(2), 377-399.
  • Kapuscinski, M., & Scibisz, D. (2016). Quantitative Easing, Negative Interest Rates And Money Creation. What Central Banks Can And Cannot Do? (No. 26/2016). Institute of Economic Research Working Papers.
  • Klein, M., Gross, J., & Sandner, P. (2020). The Digital Euro and the Role of DLT for Central Bank Digital Currencies. FSBC Working Paper, Frankfurt School Blockchain Centre.
  • LeBlanc, G. (2016). The Effects of Crytocurrencies on the Banking Industry and Monetary Policy.
  • McAndrews, J. (2017). The Case For Cash. Asian Development Bank Institute Working Paper Series, no 679.
  • Pfister, C. (2019). Central Bank Digital Currency: One, Two or None?. Banque de France Working Paper 732.
  • Sykes, J. B. (2018). Trends in Bank Secrecy Act/Anti-Money Laundering Enforcement. Congressional Research Service.
  • Tolle, M. (2016). Central Bank Digital Currency: The End of Monetary Policy As We Know It?. Bank Underground.

Merkez Bankası Dijital Parası Üzerine Bir Değerlendirme

Year 2021, Volume: 6 Issue: 3, 271 - 276, 22.09.2021
https://doi.org/10.23834/isrjournal.887073

Abstract

İtibari paralara alternatif olarak ortaya çıkartılan altın standardı, tarihin farklı dönemlerinde ülkeler tarafından uygulanmaya çalışılmıştır. Teknolojinin gelişmesi ile birlikte nakit para kullanımı azalmış ve inovasyonların ortaya çıkmasına zemin hazırlamıştır. Ödeme sistemleri alanında ortaya çıkarılan yeniliklerden birisi de kripto paralardır. Kripto paralar; temelinde matematiksel algoritmalar yatan, enflasyon nedeniyle değerini kaybetmeyen ve merkez bankası gibi merkezi kuruluşlara bağlı olmayan dijital paralar olarak tanımlanabilmektedir. Devletlerin, olağanüstü durumlarda itibari paralarından kaçışı engellemek ve teknolojiye adapte olmak için yeni stratejiler ortaya çıkarması gerekmiştir. Söz konusu stratejilerden birisi de Merkez Bankası Dijital Parası (MBDP) olmuş ve MBDP’lerin geleneksel paranın yerini alıp alamayacağı ile ilgili çalışmalar başlatılmıştır. Bu çalışmanın amacı MBDP alanında değerlendirmeler yapmaktadır. Sonuç olarak, MBDP hakkında araştırmalarına devam etmekle birlikte, çok azı pilot projelere başlamış ve devam etmektedir.

References

  • Bech, M. L., & Garratt, R. (2017). Central Bank Cryptocurrencies. BIS Quarterly Review September.
  • BIS, C. (2003). The Role Of Central Bank Money In Payment Systems. BIS, CPSS num, 55.
  • BIS Market Committee. (2013). Central Bank Operating Frameworks And Collateral Markets. CGFS Paper, 53.
  • Boar, C., Holden, H., & Wadsworth, A. (2020). Impending Arrival–A Sequel To The Survey On Central Bank Digital Currency. BIS Paper, (107).
  • Chapman, J., Garratt, R., Hendry, S., McCormack, A., & McMahon, W. (2017). Project Jasper: Are Distributed Wholesale Payment Systems Feasible Yet. Financial System, 59.
  • Cœuré, B., & Loh, J. (2018). Central Bank Digital Currencies. Bank of International Settlements-CPMI Papers.
  • Dalal, S Yong & A Lewis (2017). The Future is Here–Project Ubin: SGD on Distributed Ledger, Monetary Authority of Singapore & Deloitte.
  • ECB, (2016). European Central Bank Press Release, “ECB ends production and issuance of €500 banknote”. https://www.ecb.europa.eu/press/pr/date/2016/html/pr160504.en.html. Erişim Tarihi: 26.07.2020
  • ECB, (2016). European Central Bank, “Report on a digital euro”. https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf. Erişim Tarihi: 19.10.2020
  • Fung, B. S., & Halaburda, H. (2016). Central Bank Digital Currencies: A Framework For Assessing Why And How. Available at SSRN 2994052.
  • Garratt, R., & Wallace, N. (2016). „Bitcoin 1, Bitcoin 2,...: An Experiment In Privately Issued Outside Monies “, University of California, Santa Barbara, Department of Economics. Departmental Working Paper.
  • Greenspan, A. (1966). Gold And Economic Freedom. The Objectivist, 5(7), 11-15.
  • Kahn, C. M., McAndrews, J., & Roberds, W. (2005). Money is Privacy. International Economic Review, 46(2), 377-399.
  • Kapuscinski, M., & Scibisz, D. (2016). Quantitative Easing, Negative Interest Rates And Money Creation. What Central Banks Can And Cannot Do? (No. 26/2016). Institute of Economic Research Working Papers.
  • Klein, M., Gross, J., & Sandner, P. (2020). The Digital Euro and the Role of DLT for Central Bank Digital Currencies. FSBC Working Paper, Frankfurt School Blockchain Centre.
  • LeBlanc, G. (2016). The Effects of Crytocurrencies on the Banking Industry and Monetary Policy.
  • McAndrews, J. (2017). The Case For Cash. Asian Development Bank Institute Working Paper Series, no 679.
  • Pfister, C. (2019). Central Bank Digital Currency: One, Two or None?. Banque de France Working Paper 732.
  • Sykes, J. B. (2018). Trends in Bank Secrecy Act/Anti-Money Laundering Enforcement. Congressional Research Service.
  • Tolle, M. (2016). Central Bank Digital Currency: The End of Monetary Policy As We Know It?. Bank Underground.
There are 20 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Gürkan Bozma 0000-0003-4047-9012

Murat Akdağ 0000-0003-3559-6177

Publication Date September 22, 2021
Submission Date February 26, 2021
Published in Issue Year 2021 Volume: 6 Issue: 3

Cite

APA Bozma, G., & Akdağ, M. (2021). An Evaluation of Central Bank Digital Currency. The Journal of International Scientific Researches, 6(3), 271-276. https://doi.org/10.23834/isrjournal.887073