Central Bank Digital Currency (CBDC) and Its Impact on the Future of the Monetary and Banking System

Central Bank Digital Currency (CBDC) is one of the few recent financial innovations that has simultaneously drawn the attention of central banks, monetary economists, and senior bank executives. Taking a descriptive-analytical approach and drawing on financial-intermediation theory together with the emerging literature on technological disruption in banking, this paper examines how the introduction of CBDC reshapes the structure of the monetary system, depositor behavior, and the competitive position of commercial banks. The central question is whether CBDC is merely a tool for improving payment efficiency or whether it can fundamentally rearrange the balance of power among the central bank, commercial banks, and the public. Data were gathered through library research of domestic sources and reports from international bodies such as the Bank for International Settlements and the International Monetary Fund. The findings suggest that a two-tier CBDC design, in which commercial banks retain their distribution role, can substantially contain the risk of deposit disintermediation, though challenges around data governance, privacy, and institutional readiness remain open for policymakers.

کلیدواژه ها:

Central Bank Digital Currency ، Financial Intermediation ، Banking System ، Monetary Policy ، Financial Innovation