Acknowledgements

The past decade has seen a significant acceleration in the digitalisation of financial services, the entry of non-bank players to the market of financial services and consequently central banks’ thinking related to central bank digital currencies. Regarding the future, there seems to be a consensus that technological progress opens up new opportunities for central banks, however, actual implementation needs to be preceded by detailed analysis and the careful assessment of risks. The studies in the MNB’s book provide a guide to this by summarising the theoretical considerations, the most important practical issues and the international experiences gained so far related to central bank digital currencies. The studies in this volume greatly rely upon the analyses and workshops of the Magyar Nemzeti Bank as well as the discussions at its various professional fora. The editors would like to thank Governor Mr. György Matolcsy, Deputy Governors Mr. Csaba Kandrács, Mr. Mihály Patai and Mr. Barnabás Virág for their encouraging support as well as all the members of the Monetary Council for their professional comments on the analyses prepared on this subject before. Special thanks to the authors and contributors of the studies in the volume, namely to: István Ádor, Anna Boldizsár, Eszter Boros, András Szabolcs Csonka, Bálint Danóczy, Péter Eigen, Péter Fáykiss, Dániel Felcser, Zénó Fülöp, Balázs István Horváth, Gábor Horváth, Marcell Horváth, Zoltán Huszár, László Kajdi, Laura Komlóssy, Blanka Kovács, Zsolt Kuti, Zsolt Láda-Hartyáni, Kálmán Árpád Marincsák, Péter Sajtos, Soma Sándor, Balázs Sisak, János Szakács, Zoltán Szalai, Szilvia Szécsiné-Kardos, Anikó Szombati, Péter Szomorjai, Róbert Taczmann, Daniella Tóth, Gergő Török, Balázs Varga, Lóránt Varga and Márton Zsigó.

Thanks go to László Csaba Körtvélyesi and Dávid Hódi for their work on the graphic design in this book. The authors owe thanks to Péter Bencsik, István Csonka, Péter Szűcs and all the contributing colleagues for the thorough work, which was indispensable for releasing this publication.

AT THE DAWN OF A NEW AGE – MONEY IN THE 21ST CENTURY

Without huge revolutions, we would not be who we are today. Inventions, social innovations and intellectual breakthroughs are all crucial in human history. There is little doubt that money is among the most significant social innovations. It has always been present in people’s lives, ever since humans started living in communities. When exchanging resources, the parties had to find a common way to measuring value. This can take the form of shells, rocks, tobacco, metals, paper or even today’s digital currencies.

Our decade may see a radical acceleration of financial innovation. The rush for resources is already focusing on technological innovations. The digital wave changes the way our world operates, including not only sustainability and the green transformation but also a profound change in how people think about money.

The ‘digital competitors’ (global technology corporations also known as BigTechs) entering the market of financial services may produce the ‘digital rivals’ to national currencies through the digital means of payment they offer, which can fundamentally transform the monetary system as we know it today. Central banks also need to respond to this challenge.