Tecnología para el dinero del futuro: Diseño de una moneda digital de banco central (CBDC)
| Pages | 377-383 |
| Date | 01 May 2026 |
| Published date | 01 May 2026 |
| Author | Alberto Gómez-Mejía |
| Subject Matter | Social Sciences |
TELOS: Revista de Estudios Interdisciplinarios en Ciencias Sociales
ISSN 1317-0570 / ISSN (e) 2343-5763
Vol.
28
(2)
. Mayo-Agosto
2026
377
Universidad Privada Dr. Rafael Belloso Chacín, Venezuela
TECHNOLOGY FOR THE MONEY OF THE FUTURE: DESIGNING A CENTRAL BANK
DIGITAL CURRENCY (CBDC)
Alberto Gómez-Mejía
https://orcid.org/0000-0002-0312-2236
RECIBIDO: 15/03/2026 / ACEPTADO: 25/04/2026 / PUBLICADO: 18/05/2026
ABSTRACT
This paper examines the feasibility and implications of a highly accountable form of central bank digital currency (CBDC), conceptualized
as a National Accountable Digital Currency (NADC), in economies characterized by persistent informality, high cash dep endence, and
limited fiscal capacity. The study adopts a qualitative methodology combining a structured review of academic literature with comparative
analysis of international monetary de velopments and descriptive evidence from Latin America. Unlike instant payment systems, which
modernize transaction infrastr ucture without altering the nature of money, an NADC represents an institutional redesign of sovereig n
currency. It embeds identity linkage, traceability, and com pliance directly at the level of the monetary unit. The analysis eva luates core
design features—including account-based issuance, tiered wallets, constrained programmability, and permissioned ledger
governance—and assesses their implications for tax compliance, financial crime reduction, monetar y policy transmission, and state
capacity. The results suggest that a highly accountable digita l currency could signifi cantly expand the effective tax base an d reduce
large-scale illicit finance by const raining anonymous transactions. However, these gains are condition al on strong legal safeguards,
central bank independence, and credible limits on data access and programmability. The paper concludes that digital accountability
amplifies institut ional quality rather than substituting for it, making governance and reform sequencing central to any viable CBDC
strategy in Latin America.
Keywords: Central Bank Digital Currency, Digital So vereign Money, Informal Economy, Monetary Governance, Financial Crime, Latin
America, State Capacity
Tecnología para el dinero del futuro: Diseño de una moneda digital de banco central (CBDC)
RESUMEN
Se examina la viabilidad y las implicaciones de una forma altamente responsable de moneda digital de banco central (CBDC),
conceptualizada como una Moneda Digital Nacional Responsable (National Accountable Digital Curr ency, NADC), en economías con
informalidad persistente, alta dependencia del efectivo y limitada capacidad fiscal. El estudio adopta una metodología cualitativa que
combina una revisión estructurada de la literatu ra académica con análisis comparativo de desarrollos mon etarios internacionales y
evidencia descriptiva de América Latina. A diferencia de los sistemas de pagos instantáneos, que modernizan la infraestructur a
transaccional sin alterar la naturaleza del dinero, una NADC implica un rediseño institucional de la moneda soberana al incorporar
vinculación de identidad, trazabilida d y cumplimiento normativo en la unidad monetaria. El análisis evalúa elementos clave de diseño
—emisión basada en cuentas, billeteras escalonadas, programabilidad restringida y registros autor izados— y examina sus
implicaciones para el cumplimiento tributario, la reducción del crimen financiero, la transmisión de la política monetaria y l a capacidad
del Estado. Los resultados sugieren que un a moneda digital altamente responsable podría ampliar la base tributaria efec tiva y reducir
el financiamiento ilícito al restringir transacciones anónimas. Sin embargo, estos beneficios dependen de salvaguardias legales sólidas,
independencia del banco central y límites creíbles en el acceso a los datos y la prog ramabilidad. El artículo concluye que la rendición
de cuentas digital amplifica la calidad institucional, por lo que la gobernanza y la secuencia de reformas son determinantes para su
viabilidad.
Palabras clave : Moneda Digital de Banco Central, Mon eda Soberana Digital, Economía Informal, Gobernanza Monetaria, Crimen
Financiero, América Latina, Capacidad del Estado.
Introduction
According to the International Labour Organization (ILO), persistent informality remains a str uctural constraint on fiscal
capacity and institutional effectiveness across developing economies. In Latin America, informal employment often exceeds half of total
labor participation, while a large share of transactions continues to rely on cash (Awasthi & Engelschalk, 2018; ILO, 2022). This
combination limits tax collection, reduces the effectiveness of public policy, and weakens enforceme nt mechanisms
Cash plays a dual role within this structure. It facilitates low-cost transactions for households operating outside the formal
system but also enables large-scale illicit activity by allowing anonymity in high-value exchanges (Rogoff, 2016; Shapiro, 2021). The
absence of traceability creates a structural blind spot for fiscal authorities and law enforcement, reinforcing a stable equilibrium in which
informality and weak institutional capacity sustain each other.
Doctor Gestión Tecnología e Innovación. Master of Economics. Independiente. gomezm ejiaalberto@gmail.com
Cómo citar: Gómez-Mejía, A. (2026). Technology for the Money of the Future: Designing a Central Ba nk Digital Currency (CBDC). Telos: Revista de
Estudios Interdisciplinarios en Ciencias Sociales, 28(2), 377-383. www.doi.org/10.36390/telos282.16
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