The DOI matches its Crossref record.
A History of Central Bank Digital Currency and the Money Monopoly
Abstract
Although central bank digital currencies may appear to be a recent innovation, their history can actually be traced back several decades, and even further depending on one's perspective. Discussions about them have raised a number of concerns over the years, such as their impact on monetary policy, seigniorage, the possibility of disintermediation within the banking industry, legal tender laws, and remuneration. However, the central issue underlying these discussions is often left unsaid, as it is widely acknowledged that central banks and governments hold a monopoly over currency. Furthermore, the historical challenges to this monopoly are what link today's central bank digital currencies to past developments in central banking.
Overview
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
Claims other papers make about this one
Each is checked against this paper’s own text: does it say what the citing paper says it does?
In the citing paper
“Legal tender has historically ensured monetary unity and legitimised state currency”
From From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law (2025) · cites this paper as Noll, 2023, pp. 3-17
Citations
Cites
Still being checked.
Cited by
Sorted by citations
Gortsos, C. V. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4810776 · Cited by 5
Zuchroh, I., Bere, R. S. W., Galgani, K. G., Rihi, G. I. L., & Cahyono, B. (2024) · Moneter · doi:10.61132/moneter.v3i1.1055 · Cited by 2
From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law
Zatti, F. (2025) · Strani pravni život · doi:10.56461/spz_25402kj
Central Bank Digital Currencies and the Proliferation of Digital Assets
Ortiz, H. (2026) · Accounting Economics and Law - A Convivium · doi:10.1515/ael-2025-0030
Cryptocurrencies and the Future of Money as a Public Good
Fantacci, L., & Magurno, J. M. (2026) · Accounting Economics and Law - A Convivium · doi:10.1515/ael-2025-0058
Metadata
- Authors
- Noll, F.
- Corresponding author
- Noll, Franklin
- Venue
- Digital Assets and the Law
- Publisher
- Routledge
- Published
- 2023-12-20
- Pages
- 3-17
- OpenAlex
- W4390004957
- Cited by
- 3
- References
- 0
- Citations by year
- 2026: 2 · 2024: 1
- FWCI
- 7.51
- Type
- book chapter
- Language
- en
- Open access
- closed
- Locations
- Routledge eBooks (publishedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Digital Transformation in Financial Services
- Keywords
- central bank digital currency, central banking history, monetary policy, seigniorage, disintermediation, legal tender, currency issuance
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
