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Why Central Banks Got Serious About Digital Money: QuickTake

July 11, 2022, 8:22 PM

Money is edging toward its biggest reinvention in centuries. Modern technology and even the coronavirus pandemic are pushing consumers to go cashless, and with alternative concepts like cryptocurrencies taking hold, central banks are acting quickly to ensure they don’t fall behind. The goal is a payment system that is safer, more resilient and cheaper than current options -- or privately launched alternatives.

1. What would CBDCs be like?

Not so different, at least on the surface, from keeping electronic money in a bank account and using cards, smartphones or apps to send that money into the world. The key ...