According to the Wall Street Journal, central bank digital currencies (CBDCs) could actually negatively impact interest rates by giving policymakers an additional tool.  A Sept. 8 article authored by senior columnist James Mackintosh argued that the difference between a CBDC and cash would be highlighted if interest rates fell below zero. People would be more inclined to hold on to physical cash to “earn zero” rather than lose money on a digital dollar issued by the central bank. This means the central bank will have more leverage with interest rates if it issues digital dollars that can’t be stashed under the mattress, he added.