Digital money received support from an unexpected corner last week in the form of an IMF paper. The Rise of Digital Money, by Tobias Adrian and Tommaso Mancini-Griffoli, took a fascinating look at how banks in general, and central banks in particular, need to evolve to keep up with the technological shifts that are making digital currency more mainstream. This includes, but is not limited to, crypto-currencies.

The main thrust of the paper referred more…



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