Central Bank Digital Currencies - Reverviews and Implications for Vietnam

Abstract

The current article reviews the studies of central banks’ behavior and actions towards central bank digital currencies (CBDCs). The results of the review show that central banks have engaged on three different levels of advancement towards CBDCs (Early Adopters, Followers, and New Entrants). The literature review shows that the introduction of CBDCs is inevitable to help central banks compete against the private sector in issuing digital currencies while maintaining traditional functionality.