David Rule and Iain de Weymarn Technologies such as distributed ledgers create the possibility of new forms of digital money, whether privately-issued ‘stable coins’, tokenised commercial bank deposits, or central bank digital currencies. Authorities are considering a world where digital money circulates alongside existing forms of money. In the past, the nature of money has often changed. Prior … Continue reading New money, old money
cbdc
The payments system is merely a technical and bookkeeping question, mundane in the end. The idea of operating it with only reserves puts in stark relief a far more important question: What is the point of banks at all?