A Study on the Impact of the Central Bank Digital Currency on Payment System

WANG Bo; ZHAO Zhen-zhen

Volume 38 Issue 1

Jan. 2023

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WANG Bo, ZHAO Zhen-zhen. A Study on the Impact of the Central Bank Digital Currency on Payment System[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(1): 62-74.

Citation:

WANG Bo, ZHAO Zhen-zhen. A Study on the Impact of the Central Bank Digital Currency on Payment System[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(1): 62-74.

WANG Bo, ZHAO Zhen-zhen. A Study on the Impact of the Central Bank Digital Currency on Payment System[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(1): 62-74.

Citation:

WANG Bo, ZHAO Zhen-zhen. A Study on the Impact of the Central Bank Digital Currency on Payment System[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(1): 62-74.

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A Study on the Impact of the Central Bank Digital Currency on Payment System

College of Finance, Nankai University, Tianjin 300350, China

Received Date: 2022-07-11
Available Online: 2023-03-09
Publish Date: 2023-01-28

Abstract

Abstract

The vigorous development of digital economy and information technology in the digital age pushes the renewal of the payment system, and the central bank digital currency (CBDC) emerges as a new type of digital payment tool. In this context, making a currency utility model based on popular currency payment attributes to study the replacement of old and new payment instruments, this paper explores how CBDC can open a new pattern of payment systems by replacing existing payment instruments, and predicts by numerical simulationthe replacement process with CBDC. It is found that the degree to which CBDC replaces existing payment instruments is determined by the cost of currency conversion and payment attributes. The interest-bearing CBDC is stronger than the interest-free CBDC. Cash payments are being replaced to a much greater extent and deposit payments are being replaced on a much larger scale.The findings indicate that it is a general trend to make CBDC the mainstream payment tool in the future; the central bank should allow its payment attributes to change flexibly with the times; and the central bank should first issue the interest free CBDC, which has the least impact on the market, and the functions of CBDC can change along with the technology.
- digital currency,
- CBDC,
- payment instrument,
- payment system,
- payment attribute,
- currency substitution

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References(30)

References

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