A ‘unified ledger’ and the future of money
Blueprint set out by the BIS staff raises plenty of questions about the ‘singleness of money’
Efforts by central banks to investigate the potential of central bank digital currencies (CBDCs) became de rigeur after the creation of bitcoin, and mission critical following the announcement by Facebook/Meta of its plans to develop a global stablecoin called libra.
Digital central bank money already existed in wholesale form alongside physical central bank money, cash. But the emergence of distributed ledger technology underpinning bitcoin and other so-called ‘cryptocurrencies’ raised the
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