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Discussion Paper "Digital Central Bank Money: Why Does Nobody Dare to Take the First Step?" by Luzie Thiel and Jochen Michaelis
The discussion paper "Digital Central Bank Money: Why Does No One Dare to Take the First Step?" by Luzie Thiel and Jochen Michaelis is now available in the "MAGKS Joint Discussion Paper Series in Economics".
In their paper, they explore the question of why no central bank in the industrialized world has yet adopted central bank digital currency (CBDC), despite conducting intensive research on it for several years. The article provides a brief overview of the current status of the research projects, which features of the CBDC turn out to be particularly critical, and the econometric impact. Even if the all-round official tenor of the central banks is that no decision has yet been made on the "whether," it is implicitly clear that a digital euro is coming.