CBDC or tokenised reserves?
Sayuri Shirai explains why central banks are taking different paths towards the same goal
The global debate on digital public money has entered a more mature phase. The central question is no longer whether a central bank should issue digital currency, but how innovation in money and settlement should be introduced into the financial system in a way that supports stability, efficiency and policy credibility.
Across jurisdictions, central banks are now navigating two principal approaches. One centres on the development of wholesale central bank digital currency (wCBDC) as a new
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