Cyptocurrencies' challenge to central banks

a column by Antonio Fatás and Beatrice Weder di Mauro for VOX: CEPR’s Policy Portal

Central banks are alert to the challenge of cryptocurrencies, and are contemplating reactions ranging from prohibiting private issuance to embracing such currencies. This column argues that the risks of introducing a central bank digital currency are high while the efficiency gains do not seem large. A more efficient system can be achieved via innovation in current payment infrastructure.

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One thing I realised, not for the first time, is that it is not love that makes the world go round but money whether it’s the coins in my purse, the balance showing on my personal bank accounts or the manipulation of currencies that goes on inside the heads of people working in central banks.

P.S. It is definitely love that makes my personal world right.

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