Introduction On digitalisation and central bank digital currencies in general One of the most significant megatrends shaping our world today is digitalisation, which may get a massive push from the consequences of the coronavirus pandemic all over the world. Home office, digital education and online shopping, to name but a few examples, have become part of our everyday lives. Digital solutions are increasingly common in finance, just like in many other areas of life. This trend has already been observed in recent years, and it was accelerated by the special year of 2020. The challenges of the 21st century affect traditional financial institutions as well as national currencies. The traditional monetary system now has an alternative in the form of the ‘digital competitors’ entering the market of financial services. Building on their huge user base, comprehensive and detailed information on their customers and their capitalisation and technological power, the global technology corporations – the BigTech firms – can compete against traditional financial institutions. They may also produce the ‘digital rivals’ to national currencies through the digital means of payment they offer, which may fundamentally transform the monetary system as we know it today with high penetration and widespread use. One might wonder whether the new services appearing in the payment system entail risks to the efficiency of monetary policy, financial stability, the enforceability of consumers’ interests and the preservation of society’s confidence in national payment systems. What could be the appropriate response from central banks in the face of the challenges posed by the digitalisation of money?
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