ABOUT THE CHAPTER 6: Central Bank Digital Currency: Problems and Prospects

This paper aims to provide information pertaining to problems and prospects of Central Bank Digital Currencies (CBDC). With regards to this, discussions in the paper will encompass comprehensive literature fundamental for demystifying the term ICBDC’ in respect to its definition and elements which characterize it distinctively and in comparison, to other forms of contemporary digital currencies. More than that, the expected benefits from establishing and adopting CBDCs as postulated by researchers, theorists, and central banks around the world will be discussed. In addition, an overview of countries developing interest in designing and adopting CBDCs will be provided. Besides that, future prospects or consequences that may result from establishing CBDCs and how its adoption may lead to a change in economic theory coherent with postulates in monetary economics will be discussed with a focus on the application of the quantity theory of money. Be that as it may, the paper will also review some contemporary problems identified and speculated to be associated with the development of CBDCs that central banks need to take into consideration before finally deciding to adopt CBDCs.

Author: Fitzgerald Witika

Year: 2022

Editors: Dr. Debesh Bhowmik

Foreword by: Prof. Santos Flores-Eslava and Prof. Dante A. Urbina

Publisher: Kunal Books

By Fitzgerald Witika

Fitzgerald Witika is a luminary economist, exhibiting extraordinary talent in the realms of research and development. His distinguished portfolio boasts a trailblazing contribution to the landscape of contemporary health economics, wherein he applies the Aggregate Demand and Supply (AD-AS) model with theoretical precision to elucidate the global economic ramifications of the COVID-19 pandemic. Moreover, he is also known as the author of the book titled “Manifest the Genius in You” published in 2019. Subsequently, his contribution to monetary economics is based on the application of the quantity theory of money in explaining the outcomes of adopting Central Bank Digital currencies (CBDCs). Besides that, Fitzgerald Witika has also collaborated with many researchers around the world and contributed as well as edited book chapters in applied econometrics. Fitzgerald Witika is a consummate research consultant, whose prodigious acumen spans across a diverse spectrum of disciplines, including business research, economics research, econometric analysis, natural scientific research, academic research, and data analysis with SPSS, EVIEWS, STATA, R-software and EXCEL. His multifaceted expertise is honed by his extensive experience in providing consultancy services to both individuals and organizations, spanning a broad range of industries and sectors. With a refined skill set that blends academic and practical expertise, Fitzgerald is recognized for his ability to deliver bespoke consultancy solutions that are tailored to the unique needs of his clients. As a seasoned writer, researcher, econometrician, data scientist, and research consultant, Fitzgerald Witika has garnered extensive experience spanning numerous disciplines, particularly in economics, business, engineering, and other natural and scientific fields. With an impressive portfolio of over 150 research projects, Fitzgerald’s track record speaks to his exceptional ability to navigate complex research problems with ease and deliver cutting-edge solutions. As an econometrician, Fitzgerald has a comprehensive understanding of the mathematical and statistical models that underpin economic analysis, enabling him to leverage advanced techniques to analyze complex datasets and extract meaningful insights. His mastery of econometric tools such as regression analysis, panel data analysis, time series analysis, and forecasting has earned him a reputation as a leading expert in the field. | Economist | Author | Econometrician| Web Developer | Researcher |

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