In this paper, we discuss whether the ability of individuals to convert commercial bank money (i.e., bank deposits) into central bank money is fundamentally important for the monetary system. This is a significant question since the use of cash - the only form of central bank money that the...

The world is presently buffeted by many challenges, some of which manifest in new forms, such as Fintech and cryptocurrencies, while some challenges prevail out of the legacy trailed behind by the 2007 global financial crisis. Financial stability represents a highly complex and multi-dimensional...

In the Western interpretation of democracy, governments exist in order to manage relations of property, with absence of property ownership leading to exclusion from participation in governance and, in many cases, absence of equal treatment before the law. Democratizing money will therefore...

We investigate the risks and opportunities to the mandates of central banks arising from fintech developments. Fintech may affect the different areas of responsibility of central banks - mainly monetary policy and financial stability - by changing money demand and by changing the industrial...