Are central bank digital currencies inevitable?

Electronic currency

By elucidating from first principles the fundamental questions about the implications of digitalisation for the future of money, a recent report commissioned by the French government makes an original contribution to a growing policy debate.

Writing with civil servant Alban Genais, former Banque de France deputy governor Jean-Pierre Landau argues that the network effects created by the aggregation of a vast range of activities in financial “platforms” create externalities very similar to those

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