Central banks should be cautious about the potential of e-money to destabilise the financial system, a new paper from the International Monetary Fund says.
In The rise of digital money, authors Tobias Adrian and Tommaso Mancini-Griffoli explore the likely impact of technology on banks. The paper marks the launch of a new series of IMF papers called ‘Fintech Notes’.
The authors warn of several financial stability risks that digital currencies pose. Many of their points echo recent comments by