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Cover IMF Working Papers
Cross-Border Central Bank Digital Currencies, Bank Runs and Capital Flows Volatility
Ms. Adina Popescu
Central banks around the world are increasingly exploring central bank digital currencies (CBDCs). This paper investigates the possible impacts of cross-border CBDCs on capital flows and financial stability in a simple open economy extension of a classical model of bank runs, augmented with the presence of a credible foreign central bank, which issues an account-based interest bearing CBDC available to nonresidents. The paper finds that the presence of a foreign CBDC which acts as an international safe asset may increase the risk of financial disintermediation in the domestic banking sector, which can be accompanied by higher and more volatile capital flows.
Keywords:
Central bank digital currency; CBDC; capital flows; open-economy; financial stability; deposit contract; capital flows volatility; cross-border CBDCs; model of bank runs; CBDC deposit; CBDC issuer; Central Bank digital currencies; Commercial banks; Foreign banks; Bank deposits; Capital account; Global
Cover IMF Working Papers
Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations
Wouter Bossu, Mr. Masaru Itatani, and Arthur D. P. Rossi

I. Introduction 1 1. In reaction to digital ledger, blockchain and other technological developments, as well as the possible issuance of private virtual currencies (“stablecoins”), the central banking community is actively considering the merits of issuing so-called “central bank digital currency” (“CBDC”). Many central banks have started in-depth discussions on the appropriateness and feasibility of issuing such currency. 2 A survey concludes that “at this stage, most central banks appear to have clarified the challenges of launching a CBDC, but they are

Keywords:
Central Bank Digital Currency; CBDC; Blockchain; Cryptocurrency; Crypto assets; WP; central bank law; monetary unit; book money; digital currency; law reform; token-based CBDC; private law; issuance function; legal tender status; central bank law reform; central bank liability