If only the poor were digital currency…

When asked why they are studying [central bank digital currencies], responses from central banks do not focus on a single reason. The safety or robustness of the payment system, financial stability, efficiency of payments, implementation of monetary policy and the goal of greater inclusivity in accessing payment systems by lower income populations—all seem to be considered at least somewhat important. Lacking a single vision of what they want to accomplish, central bankers seem to be afflicted by a generalized sense of unease. Though scenarios can be only vaguely delineated, shifting sands in the payments and monetary landscape suggest to central banks that, if they do not provide a digital currency, they could find themselves isolated and weakened in unfamiliar ways. Having sufficient control over the retail payments system might, they suppose, prove to be essential for ensuring the stability and efficiency of the monetary and payments system.

From a quote in: Cesaratto, S. and E. Febrero (2022). Private and Central Bank Digital Currencies: a storm in a teacup? A Post-Keynesian appraisal. DT 2022/1, Working Papers, Department of Economics and Finance, Universidad de Castilla – La Mancha, Spain (accessed online at https://www.uclm.es/es/departamentos/daef/-/media/Files/A05-Investigacion-departamentos/daef/documentos_trabajo/2022-01-DT-DAEF.ashx?la=es)