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Over millennia, mankind has used hard cash in various forms ranging from shells to gold coins and paper. More recently, cash has become unpopular in political circles, as it effectively restricts states’ power to tax (explicitly or via negative interest rates) or to survey and potentially...
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Fintech presents unique opportunities for central banks. The rapid changes in technology that are transforming the … of financial technology and innovation. In the past, the invention of the banknote, the processing of payments through …: distributed ledger technology, new data analytics (artificial intelligence [AI] and machine learning), and cloud computing, along …
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New financial technologies - including those underpinning cryptocurrencies - herald broader access to the financial system, quicker and more easily verifiable settlement of transactions and payments, and lower transaction costs. Domestic and cross-border payment systems are on the threshold of...
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banking systems that go well beyond the adoption of digital-technology tools …
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In this study, we provide a systemic perspective on central bank digital currencies (CBDC). We separate existing proposals for CBDCs into the perspective of new payment objects, made available by central banks to a broader public, and new payment systems, operated by central banks. From a...
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