Digital currencies, central banks and the blockchain: policy implications

October 25, 2019, Oesterreichische Nationalbank, Vienna

According to many experts and media commentators the world is currently undergoing a digital transformation. This notion refers to the economic and social effects brought about by digital technologies, digital data and the internet. The OECD in a recent report lists the increase in computing power, the blockchain, artificial intelligence, big data, cloud computing, 5G networks and the internet of things as the most important technologies driving this transformation. In public discussions on the digital transformation it is often expected that money, a key component in economic activity, must adapt too to serve an increasingly digital economy. Central Bank Digital Currencies (CBDC) are often believed to play an important role in the adaption to a digital economy. In this workshop we want to contribute to the debate by discussing various issues related to central bank digital money and the implications of new, digital technologies for the monetary and financial system of the future.