Comparing Means of Payment: What Role for a Central Bank Digital Currency?, Accessible Data
Graph 1: Value of currency in circulation, in billions as of December 31 of each year
| Year |
$1 |
$2 |
$5 |
$10 |
$20 |
$50 |
$100 |
| 1998 |
$7.0 |
$1.2 |
$8.0 |
$14.3 |
$90.9 |
$50.5 |
$320.1 |
| 1999 |
$7.5 |
$1.2 |
$9.0 |
$16.2 |
$116.1 |
$64.7 |
$386.2 |
| 2000 |
$7.7 |
$1.2 |
$8.9 |
$14.5 |
$98.6 |
$55.0 |
$377.7 |
| 2001 |
$7.8 |
$1.3 |
$9.2 |
$14.7 |
$100.9 |
$57.0 |
$421.1 |
| 2002 |
$8.0 |
$1.3 |
$9.4 |
$14.9 |
$103.7 |
$58.5 |
$458.7 |
| 2003 |
$8.2 |
$1.3 |
$9.7 |
$15.1 |
$107.8 |
$59.9 |
$487.8 |
| 2004 |
$8.3 |
$1.4 |
$9.8 |
$15.1 |
$107.6 |
$60.6 |
$516.7 |
| 2005 |
$8.8 |
$1.5 |
$10.3 |
$15.5 |
$115.4 |
$62.1 |
$545.0 |
| 2006 |
$9.0 |
$1.5 |
$10.5 |
$16.0 |
$119.2 |
$62.8 |
$564.1 |
| 2007 |
$9.3 |
$1.6 |
$10.8 |
$16.2 |
$121.8 |
$63.0 |
$569.3 |
| 2008 |
$9.5 |
$1.7 |
$11.0 |
$16.3 |
$125.1 |
$64.7 |
$625.0 |
| 2009 |
$9.6 |
$1.7 |
$11.2 |
$16.2 |
$127.5 |
$65.3 |
$656.4 |
| 2010 |
$9.7 |
$1.8 |
$11.5 |
$16.6 |
$130.6 |
$66.9 |
$704.6 |
| 2011 |
$10.0 |
$1.9 |
$11.8 |
$17.2 |
$141.1 |
$69.6 |
$782.6 |
| 2012 |
$10.3 |
$2.0 |
$12.2 |
$17.7 |
$148.9 |
$72.5 |
$863.1 |
| 2013 |
$10.6 |
$2.1 |
$12.7 |
$18.5 |
$155.0 |
$74.5 |
$924.7 |
| 2014 |
$11.0 |
$2.2 |
$13.1 |
$18.9 |
$162.2 |
$76.9 |
$1,014.5 |
| 2015 |
$11.4 |
$2.3 |
$13.7 |
$19.0 |
$171.3 |
$79.8 |
$1,082.2 |
| 2016 |
$11.7 |
$2.3 |
$14.2 |
$19.2 |
$177.2 |
$83.5 |
$1,154.8 |
| 2017 |
$12.1 |
$2.4 |
$14.8 |
$19.6 |
$183.8 |
$86.4 |
$1,251.7 |
| 2018 |
$12.4 |
$2.5 |
$15.3 |
$20.1 |
$188.5 |
$89.2 |
$1,343.5 |
| 2019 |
$12.7 |
$2.7 |
$15.8 |
$20.9 |
$190.5 |
$92.3 |
$1,424.7 |
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Figure 1: Comparison of central bank payment mechanisms
| Payment mechanism |
Accessibility |
Anonymity |
Bearer instrument |
Independence |
Operational efficiency |
Programmability |
Service availability |
| Cash |
5.0 |
5 |
5 |
5 |
1 |
1 |
5 |
| CBDC |
4.9 |
4 |
5 |
4 |
5 |
5 |
5 |
| RTGS |
4.7 |
1 |
1 |
1 |
4 |
3 |
4.99 |
| RTGS+ |
4.8 |
1 |
1 |
3 |
4 |
4 |
4.99 |
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Figure 2: Cash-equivalent CBDC
| Cash substitute |
Accessibility |
Anonymity |
Bearer instrument |
Independence |
Operational efficiency |
Programmability |
Service availability |
| Cash |
5 |
5 |
5 |
5 |
1 |
1 |
5 |
| CBDC |
4.9 |
4 |
5 |
4 |
3 |
3 |
5 |
| RTGS |
4.7 |
1 |
1 |
1 |
4 |
3 |
4.99 |
| RTGS+ |
4.75 |
1 |
1 |
3 |
4 |
4 |
4.99 |
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Figure 3: Account-based CBDC
| CBDC account |
Accessibility |
Anonymity |
Bearer instrument |
Independence |
Operational efficiency |
Programmability |
Service availability |
| Cash |
5 |
5 |
5 |
5 |
1 |
1 |
5 |
| CBDC |
4.9 |
3 |
1 |
4 |
5 |
5 |
5 |
| RTGS |
4.7 |
1 |
1 |
1 |
4 |
3 |
4.99 |
| RTGS+ |
4.75 |
1 |
1 |
3 |
4 |
4 |
4.99 |
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Figure 4: Hybrid CBDC
| Tiered CBDC structure |
Accessibility |
Anonymity |
Bearer instrument |
Independence |
Operational efficiency |
Programmability |
Service availability |
| Cash |
5 |
5 |
5 |
5 |
1 |
1 |
5 |
| CBDC |
4.7 |
1 |
1 |
3 |
5 |
5 |
4.99 |
| RTGS |
4.7 |
1 |
1 |
1 |
4 |
3 |
4.99 |
| RTGS+ |
4.75 |
1 |
1 |
3 |
4 |
4 |
4.99 |
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Last Update:
April 12, 2021