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Home Opinions
CENTRAL BANK DIGITAL CURRENCY AND MACROECONOMIC IMPLICATIONS
Central banks have been motivated to issue CBDCs due to rising public interest
in Bitcoins and other cryptos, which pose challenges to the monetary system.
SHARE VIA EMAIL
Published: 27th December 2022 01:00 AM | Last Updated: 27th December 2022
01:00 AM | A+A A-
By Tulsi Jayakumar
The Reserve Bank of India has recently launched two pilot versions of Central
Bank Digital Currencies (CBDCs)—the Digital Rupee-Wholesale (e₹-W) and the
Digital Rupee-Retail (e₹-R). These digital currencies are virtual money backed
and issued by the central bank. In this sense, wholesale and retail digital
currencies represent sovereign currency—the central bank’s liabilities.
The idea of a digital currency issued by a central bank for the public is not
new. In 1987, James Tobin mooted the concept of a “deposited currency”, or “a
medium with the convenience of deposits and the safety of currency”. As per
Tobin’s idea, not just banks but individuals would hold deposits with the
central bank. The underlying logic of this idea was safety since bank deposits,
although convenient, were susceptible to bank runs.
India is not the only (or even the first) country to explore digital currencies.
The CBDC global tracker reveals that 11 countries have fully launched a digital
currency as of date. The first live retail CBDC was the Sand Dollar, issued by
the Central Bank of Bahamas in October 2020, with Jamaica’s JAM-DEX being the
latest one. China, which launched its pilot to cover 260 million people, will
expand it to the rest of the country in 2023. In 2023, 20 countries will either
undertake or extend their pilot testing of digital currencies, while 114 (of the
119 countries tracked), representing over 95% of global GDP, were exploring the
launch of a digital currency.
Central banks have been motivated to issue CBDCs due to the rising public
interest in Bitcoins and other cryptocurrencies, which pose challenges to
traditional forms of money and the central bank-led monetary system. Such
cryptocurrencies, however, are mere speculative assets prone to extreme
volatility and cannot be used meaningfully as a means of payment. They have also
been found to be used to undertake money laundering, ransomware attacks and
other financial crimes. Some cryptocurrencies, like Bitcoins, have other
negative attributes, such as wasteful energy consumption. For instance, the
Bitcoin network currently uses as much electricity as the Netherlands.
However, the competition posed by cryptocurrencies is only one of the reasons
for the introduction of CBDCs.
Various countries have justified the adoption of CBDCs for diverse reasons.
Sweden, for instance, has sought to popularise a more acceptable electronic form
of currency, even as it faces a declining usage of paper currency. Countries
like Denmark, Germany, Japan and the United States with significant physical
cash usage use CBDCs to make issuance more efficient. Where the geographical
spread of the country poses constraints, such as in the Bahamas and the
Caribbean islands, CBDCs obviate the need for the physical movement of cash.
In India, the RBI has sought to introduce CBDCs to reduce the operational costs
associated with the issuance of money, transactions and management of physical
cash. Since CBDCs do not require holders to possess a bank account, they also
carry the potential to foster financial inclusion among the unbanked segments of
the population. Other reasons provided by the RBI include “bringing resilience,
efficiency, and innovation in the payments system, adding efficiency to the
settlement system, boosting innovation in cross-border payments space, and
providing the public with uses that any private virtual currencies can provide,
without the associated risks”.
Can the RBI expect digital currencies to assist in its monetary policy goals?
The answer may not be a clear yes or no.
On the one hand, CBDCs can expand the central bank’s toolkit available for
achieving various goals, since they can supply information to the RBI regarding
the economy on a real-time basis and are also programmable due to their being
digital. When CBDCs are available to all (as retail currencies), the RBI would
better understand when households are using the CBDC. It can then act on such
information in a targeted manner to improve monetary policy effectiveness. It
has been estimated that the US could experience as much as a 3% permanent
increase in GDP through such increased effectiveness. During times like the
pandemic, such information can also be used by central banks to transfer money
to those who need it the most, rather than the ‘helicopter drops’ followed by
most major central banks.
On the other hand, during economic instability or a system-wide bank run, CBDCs
can induce people to switch from relatively riskier bank deposits to risk-free
central bank-guaranteed sovereign currency—CBDCs. Such a switch could
paradoxically accelerate the bank run.
In India, a key challenge with the monetary policy mechanism has been the
considerable lag in the monetary policy transmission mechanism. The solution to
such lags could be interest-bearing CBDCs called remunerated CBDCs. These could
shift the onus of the transmission from the overnight call money market to the
deposit rate directly, thereby ensuring a stronger pass-through of the central
bank’s policy rate to the broader structure of interest rates in the financial
system. However, the downside of such deposit-like CBDCs could be to encourage
people to move away from deposits towards CBDCs, posing a threat to the entire
financial system. This is because a loss of deposits to the banks reduces their
capacity to create credit through providing loans to firms. On the other hand,
unremunerated CBDCs which do not carry an interest rate, like the Indian e₹-R,
pose little threat to the financial system through banking disintermediation.
However, the trade-off is that such non-interest-bearing CBDCs may not improve
monetary transmission.
Thus, while digital currencies have emerged as the sine qua non of a modern
monetary system, the issues around the adoption and the efficacy of this new
instrument, especially in a country like India, will need to be assessed and
monitored in the next few years.
Tulsi Jayakumar
Professor, Economics and Executive Director, Centre for Family Business &
Entrepreneurship at Bhavan’s SPJIMR
(Views are personal)
(tulsi.jayakumar@spjimr.org)
The Reserve Bank of India has recently launched two pilot versions of Central
Bank Digital Currencies (CBDCs)—the Digital Rupee-Wholesale (e₹-W) and the
Digital Rupee-Retail (e₹-R). These digital currencies are virtual money backed
and issued by the central bank. In this sense, wholesale and retail digital
currencies represent sovereign currency—the central bank’s liabilities. The idea
of a digital currency issued by a central bank for the public is not new. In
1987, James Tobin mooted the concept of a “deposited currency”, or “a medium
with the convenience of deposits and the safety of currency”. As per Tobin’s
idea, not just banks but individuals would hold deposits with the central bank.
The underlying logic of this idea was safety since bank deposits, although
convenient, were susceptible to bank runs. India is not the only (or even the
first) country to explore digital currencies. The CBDC global tracker reveals
that 11 countries have fully launched a digital currency as of date. The first
live retail CBDC was the Sand Dollar, issued by the Central Bank of Bahamas in
October 2020, with Jamaica’s JAM-DEX being the latest one. China, which launched
its pilot to cover 260 million people, will expand it to the rest of the country
in 2023. In 2023, 20 countries will either undertake or extend their pilot
testing of digital currencies, while 114 (of the 119 countries tracked),
representing over 95% of global GDP, were exploring the launch of a digital
currency. Central banks have been motivated to issue CBDCs due to the rising
public interest in Bitcoins and other cryptocurrencies, which pose challenges to
traditional forms of money and the central bank-led monetary system. Such
cryptocurrencies, however, are mere speculative assets prone to extreme
volatility and cannot be used meaningfully as a means of payment. They have also
been found to be used to undertake money laundering, ransomware attacks and
other financial crimes. Some cryptocurrencies, like Bitcoins, have other
negative attributes, such as wasteful energy consumption. For instance, the
Bitcoin network currently uses as much electricity as the Netherlands. However,
the competition posed by cryptocurrencies is only one of the reasons for the
introduction of CBDCs. Various countries have justified the adoption of CBDCs
for diverse reasons. Sweden, for instance, has sought to popularise a more
acceptable electronic form of currency, even as it faces a declining usage of
paper currency. Countries like Denmark, Germany, Japan and the United States
with significant physical cash usage use CBDCs to make issuance more efficient.
Where the geographical spread of the country poses constraints, such as in the
Bahamas and the Caribbean islands, CBDCs obviate the need for the physical
movement of cash. In India, the RBI has sought to introduce CBDCs to reduce the
operational costs associated with the issuance of money, transactions and
management of physical cash. Since CBDCs do not require holders to possess a
bank account, they also carry the potential to foster financial inclusion among
the unbanked segments of the population. Other reasons provided by the RBI
include “bringing resilience, efficiency, and innovation in the payments system,
adding efficiency to the settlement system, boosting innovation in cross-border
payments space, and providing the public with uses that any private virtual
currencies can provide, without the associated risks”. Can the RBI expect
digital currencies to assist in its monetary policy goals? The answer may not be
a clear yes or no. On the one hand, CBDCs can expand the central bank’s toolkit
available for achieving various goals, since they can supply information to the
RBI regarding the economy on a real-time basis and are also programmable due to
their being digital. When CBDCs are available to all (as retail currencies), the
RBI would better understand when households are using the CBDC. It can then act
on such information in a targeted manner to improve monetary policy
effectiveness. It has been estimated that the US could experience as much as a
3% permanent increase in GDP through such increased effectiveness. During times
like the pandemic, such information can also be used by central banks to
transfer money to those who need it the most, rather than the ‘helicopter drops’
followed by most major central banks. On the other hand, during economic
instability or a system-wide bank run, CBDCs can induce people to switch from
relatively riskier bank deposits to risk-free central bank-guaranteed sovereign
currency—CBDCs. Such a switch could paradoxically accelerate the bank run. In
India, a key challenge with the monetary policy mechanism has been the
considerable lag in the monetary policy transmission mechanism. The solution to
such lags could be interest-bearing CBDCs called remunerated CBDCs. These could
shift the onus of the transmission from the overnight call money market to the
deposit rate directly, thereby ensuring a stronger pass-through of the central
bank’s policy rate to the broader structure of interest rates in the financial
system. However, the downside of such deposit-like CBDCs could be to encourage
people to move away from deposits towards CBDCs, posing a threat to the entire
financial system. This is because a loss of deposits to the banks reduces their
capacity to create credit through providing loans to firms. On the other hand,
unremunerated CBDCs which do not carry an interest rate, like the Indian e₹-R,
pose little threat to the financial system through banking disintermediation.
However, the trade-off is that such non-interest-bearing CBDCs may not improve
monetary transmission. Thus, while digital currencies have emerged as the sine
qua non of a modern monetary system, the issues around the adoption and the
efficacy of this new instrument, especially in a country like India, will need
to be assessed and monitored in the next few years. Tulsi Jayakumar Professor,
Economics and Executive Director, Centre for Family Business & Entrepreneurship
at Bhavan’s SPJIMR (Views are personal) (tulsi.jayakumar@spjimr.org)
--------------------------------------------------------------------------------
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