This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
Helpful taxonomy on the five types of 'digital money' all competing for deposits.
"Today’s new entrants in the payment arena may one day become banks themselves and offer targeted credit based on the information they have
IMF: We suggest a public-private partnership, a synthetic CBDC
CBs would merely offer settlement services to e-money providers, including access to central bank
All other functions would be the responsibility of regulated private e-money providers https://t.co/IQi3frOpL0
That’s true only because these so called people in charge of the money supply are crooks, always have been always will be and quite frankly any one with any sense who can get away from their grasp by becoming their own bank should do it!.
I didn't. My point is: There was no need for quotation marks. Your title is as retarded as:
* My mother just came back from the grocery store. "She bought apples and bananas."
See? Retarded use of quotation marks.
GoodReason1Platinum | QC: ETH 37, EOS 30, CC 16, MarketSubs 14 weeks ago
What are you on about. It’s perfectly legitimate. It’s a very important citation of the paper, that carries interesting information about the whole narrative of it, unlike your example.
First read, then comment on Reddit. You’ll be systematically downvoted for such content on here. Why do you even comment? You just said yourself that you didn’t read it. Are you trying to be ignorant or something...
The greatest challenge decentralized digital currencies will have to overcome is the intense government pressure to maintain tax payment and accounting in national fiat currencies. Since taxes are the largest transaction in any modern economy and hiding wealth from taxation is a crime, fiat currencies will maintain a strong advantage over cryptocurrencies that will not be easily overcome.
The standard deviation of
day-on-day changes in Bitcoin prices is approximately
10 times higher than in most G7 currency pairs, and
even a little higher than in the Venezuelan Bolivar to
U.S. dollar exchange rate.
This will change once the price is 10 times higher than today...
It's amazing this article mentions Bitcoin by name only three times in the text...
If it was law for employers to raise wages to at least match inflation, then what would be the big deal? A small inflation rate encourages the super wealthy to invest their money to stimulate the economy instead of hoarding it.
or you know, store wealth in the currency and not have it manipulated constantly?
We arent looking to force the farmers and the military to become economists just to figure out how to have the same purchasing power next year ffs.
Yes because it debases the savings of the poor you pretend to care about. Currency debasement encourages malinvestments. The poor would be better off if the rich hoarded dollars instead of bidding up empty houses to hedge against dollar debasement.
Yup. Not to mention it causes bubbles / malinvestment in the stock market.
Businesses that should have failed are allow to grow larger because investors are fleeing their shitty currency, only to fail later and cause larger ripples. There’s a lot of dead wood in the economy ready to catch fire because of inflation.
I can’t believe economist sold us on the idea of inflation being good for the economy.
Since the only role of government is to coordinate resources for cooperative projects amid a lack of information with which to coordinate, much of what government does will face competition.
Witness the death of propaganda happening currently.
Thanks, I was gonna say for some strange reason I can't buy it in bitcoin.
Edit: also enjoy the fact when they list usd coins, they don't give tether any credit. Tether probably is the most poisonous thing to the true value within this market.