The implications of digital currencies for monetary policy

Please note: Each In-Depth Analysis is assigned a DOI (digital object identifier), which is a safe and long term way of ensuring a hyperlink to the full text of this report. However, when ESO creates this record, on occasion the DOI still has not been activated by the EU Bookshop. If you find the source url hyperlink does not work please use the alternative location hyperlink listed as a related url.Numerous digital currencies have emerged over the past few years. This entirely new form of money has the potential to play a significant role in the payments landscape of the future. This note provides an overview of the current relevance of digital currencies and assesses their impact on the ability of central banks to continue to implement monetary policy effectively.