Economic Affairs Committee
Central bank digital currencies: a solution in search of a problem?

3rd Report of Session 2021-22 - published 17 January 2022 - HL Paper 131



Chapter 1: Introduction

Central bank digital currency

Box 1: Central bank money and commercial bank money

Global interest in CBDCs

What problems would a CBDC solve?

Box 2: Crypto assets

What are the risks?

Next steps

This report

Chapter 2: Households and businesses

Consumers and innovation

Decline in cash use

Figure 1: Payment volumes (millions) 2010 to 2020

Financial inclusion

Cross-border payments

Chapter 3: CBDC and the monetary system

Risk of private money creation

Figure 2: Total stablecoin supply (Tether, USD Coin, Binance USD, Dai, TrueUSD)

Monetary policy


Privacy and ‘Know Your Customer’

Chapter 4: International implications



International standards

Wholesale CBDCs

Chapter 5: Conclusion

Summary of conclusions and recommendations

Appendix 1: List of Members and declarations of interest

Appendix 2: List of witnesses

Appendix 3: Call for evidence

Evidence is published online at and available for inspection at the Parliamentary Archives (020 7219 3074).

Q in footnotes refers to a question in oral evidence.

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