Public and Private Money Can Coexist in the Digital Age

By Tobias Adrian and Tommaso Mancini-Griffoli عربي, 中文, Español, Français, 日本語, Português, Русский  We value innovation and diversity—including in money. In the same day, we might pay by swiping a card, waving a phone, or clicking a mouse. Or we might hand over notes and coins, though in many countries increasingly less often. Today’s world is characterized by a dual monetary system, involving privately-issued money—by banks of all types, telecom companies, or specialized payment providers—built upon a foundation of publicly-issued money—by central banks. While not perfect, this system offers significant advantages, including: innovation and product diversity, mostly provided by the private … Continue reading Public and Private Money Can Coexist in the Digital Age