CBDCs are unlikely to be successful

Most money is already digital, and currency has lost its central function, writes former Barbados governor DeLisle Worrell


Central bank digital currencies (CBDCs), which are now under consideration by most of the world’s central banks, are being introduced, paradoxically, in a world in which there is no longer any need for currencies of any kind. Since the second half of the last century, most money in modern societies has been in the form of bank deposits rather than currency. Nowadays, all bank deposits are represented as digital records maintained by banks and other deposit-taking institutions. Money used for

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