Friday, February 19, 2021

Coexistence of Public and Private Money in Digital Space

A recent article in the IMF Blog, dated 18 February 2021. Excerpt from the Conclusion part below:

"A system for the ages

If and when countries move ahead with central bank digital currencies, they should consider how to leverage the private sector. Today’s dual-monetary system can be extended to the digital age. Central bank currency—along with regulation, supervision, and oversight—will continue to be essential to anchor stability and efficiency of the payment system. And privately-issued money can supplement this foundation with innovation and diversity—perhaps even more so than today. Where central banks decide to end up on the continuum between private-sector and public-sector involvement in the provision of money will vary by country, and ultimately depend on preferences, technology, and the efficiency of regulation."

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Oppenheimer and Oscar Economics

This  article  is quite long, but has important modern implications.  Source: Michael Ramirez, The Gazette.

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