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Published: Nov 17, 2017
By: Gabriele Camera
The institution of money is rapidly evolving thanks to developments in computer-based cryptography. Technological advances have made possible the creation of cost-effective electronic alternatives to banknotes and coins, which are the traditional physical currencies. This document aims to describe — based on scientific literature — the use and characteristics of money, some of the problems associated with issuing a new currency or a new payment instrument,and the possible comparative advantages of a central bank in leading the way relative to private issuers.