Programming Money Without Programmable Money

2026

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AI-generated summary

This paper provides a framework to distinguish programmable money from programmable payments, arguing that the former may not pose significant risks to monetary systems.

* Outlines key principles of "good" money and how programmability might affect them.
* Proposes a two-layer framework (asset and program) to differentiate programmable money and payments.
* Analyzes various types of programmable certificates and their implications for central banks.

Tags: digital money, programmability, payments, monetary systems, central banks

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