Digital Money

2026

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This report examines the evolving landscape of digital money and its profound implications for the architecture of the monetary system, shifting focus from technological novelty to the institutional arrangements that ensure money's reliability.

* Explores the fundamental questions surrounding money creation: who creates it, under what safeguards, and how liquidity is managed during stress.
* Analyzes the social value of private money creation, the necessity of central bank digital currencies, and the implications of cryptocurrencies and stablecoins for the international monetary system and macroeconomic effects.
* Discusses the regulatory approach to digital currencies and tokenization, highlighting the challenges and considerations for ensuring safety, efficiency, and financial stability.

Digital money, Monetary architecture, Central bank digital currency, Stablecoins, Regulation

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