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<p>This article examines the role of central bank digital currencies (CBDCs) in the context of central banks' efforts to green the financial system. It underscores the importance of CBDC design, particularly cautioning against the use of blockchain technology due to its energy-intensive nature. The argument posits that a conventional database is a more environmentally sustainable choice for CBDCs. The article provides a structured discussion on the background, theoretical considerations, climate-friendly interventions, and the potential impact of CBDCs. It aims to contribute to the ongoing debate by emphasizing the need for clear design choices in CBDC discussions, given the environmental concerns associated with certain technologies.</p>

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Digital but not crypto: possible design pitfalls and rebound effects for green monetary policy using central bank digital currency

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  • 发表日期：

    2025年1月31日

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  • Michael Stöckel

摘要

This article examines the role of central bank digital currencies (CBDCs) in the context of central banks' efforts to green the financial system. It underscores the importance of CBDC design, particularly cautioning against the use of blockchain technology due to its energy-intensive nature. The argument posits that a conventional database is a more environmentally sustainable choice for CBDCs. The article provides a structured discussion on the background, theoretical considerations, climate-friendly interventions, and the potential impact of CBDCs. It aims to contribute to the ongoing debate by emphasizing the need for clear design choices in CBDC discussions, given the environmental concerns associated with certain technologies.