Understand the dynamics of Wholesale vs. Retail CBDCs and enhance your financial literacy. Interested? Read our guide.
also shifted away from physical cash to make its payment system more efficient, reduce the cost of banking services, and improve the effectiveness of its monetary policy by introducing the eNaira in 2021. has completed a successful pilot project of a retail CBDC. It is currently conducting further research on the feasibility and potential benefits of a retail CBDC, the e-krona. There are several distinct benefits to using wholesale or retail CBDCs.
Both types of CBDCs come in handy when managing various risks. For instance, a wholesale CBDC can provide a stable and reliable means of settlement, reducing the risk of liquidity shortages and contributing to the strength of the financial system. And as a very alternative to cash, retail CBDCs can be considered more secure than said means of payment, as retail CBDCs are less prone to risks such as loss or counterfeiting.
In terms of accessibility, it is interesting to note that retail CBDCs can provide a means of payment and access to financial services to individuals and communities that may be underserved or excluded by the traditional financial system. , they can provide greater transparency and traceability in financial transactions, which can help to reduce the risk of fraud and improve the overall integrity of the financial system.
However, actively managing the retail CBDC supply may provide more direct and immediate effects on the real economy. In theory, a central bank could set interest rates on retail CBDC deposits or implement limits on the number of retail CBDCs that individuals or businesses hold, de facto immediately impacting not only the supply but also the demand for currency.
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