إدارة السياسة النقدية في ظل إصدار العملات الرقمية المركزية

Abstract

This study aimed to investigate how central banks manage monetary policy in the presence of Central Bank Digital Currencies, and to analyze their potential impacts on monetary policy, This was achieved by examining the experiences of a sample of countries that issued their own CBDCs during the period from 2020 to 2025, namely: the Bahamas with its "Sand Dollar" Nigeria through the "eNaira" and Jamaica via "JAM-DEX", The study employed a descriptive-analytical approach to understand the phenomenon and its implications, providing an accurate description of the CBDC concept and its issuance mechanism, Additionally, a case study approach and a comparative method were utilized to highlight the variations among the experiences of the three countries. Understanding the traditional objectives and instruments of monetary policy is fundamental to assessing any changes that these new digital currencies might induce, The theoretical findings of the study confirmed that CBDCs could enhance monetary policy transmission channels, such as the interest rate channel, and grant central banks new tools, such as the ability to break the Zero Lower Bound (ZLB) by directly implementing negative interest rates, However, potential risks exist, most notably the disintermediation of commercial banks and the weakening of the credit channel, particularly if these digital currencies are interest-bearing. Conversely, through the analysis of practical experiences, the study revealed that the actual impact of CBDCs on monetary policy management in the three selected countries was virtually non-existent, All of these initiatives failed to achieve widespread public adoption, as users found no clear added value in utilizing these currencies compared to existing options, These experiences faced shared challenges, including low digital literacy, weak public trust, the absence of a distinct competitive advantage, and a lack of actual need for usage, Consequently, authorities resorted to either financial incentives or mandates; however, these policies failed to generate genuine and sustainable adoption, This underscores that the success of any CBDC project depends not only on superior technology, but rather on a deep understanding of user needs, delivering intrinsic added value through its adoption, and the necessity of pursuing a gradual implementation approach while avoiding coercion