Throughout the last century, a variety of influences have molded the financial framework we know today. to begin, policymakers limit the creation of private paper money by combining punitive taxes and outright prohibitions. second, governments permit private intermediaries (often financial institutions) to issue liabilities that are backed by central bank obligations. third, the central bank is in charge of the wholesale payment system for banks, while the private sector is in charge of the retail payment system for the rest of us. as a result, we now live in a world where nearly all of what people consider money is actually a digital liability held by a commercial bank.

payment efficiency, financial inclusion, and monetary policy execution are among the reasons why central banks are moving forward. he says that there is a movement to replace cryptocurrencies such as bitcoin and to stifle the growth of private monetary instruments such as libra (now diem).

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