Money laundering and the privacy design of central bank digital currency

被引:3
作者
Wang, Zijian [1 ]
机构
[1] Wilfrid Laurier Univ, Brantford, ON, Canada
关键词
Money laundering; Central bank digital currency; Monetary policy; Banking;
D O I
10.1016/j.red.2023.06.004
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper studies the implications of money laundering for the optimal design of central bank digital currency (CBDC). I build a general equilibrium framework to explicitly allow money laundering by agents and income audits by a government. I find that as long as CBDC offers less anonymity than cash, introducing CBDC will decrease money laundering. However, if CBDC still offers a relatively high level of anonymity but a low interest rate, then introducing CBDC will decrease the output from not only agents who launder money but also agents who do not. If CBDC instead offers low anonymity and a high interest rate, then introducing CBDC can increase aggregate welfare without lowering output. Further-more, introducing CBDC needs not increase the funding costs of banks or decrease bank lending.(c) 2023 Elsevier Inc. All rights reserved.
引用
收藏
页码:604 / 632
页数:29
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