> This metamorphosis of central banks from the aristocrats of finance to its labourers sounds far-fetched, but it is under way. Over 50 monetary authorities, representing the bulk of global GDP, are exploring digital currencies.
The article goes on from the premise that digital currencies are something new, but aren't almost all currencies already digital? I mean when a central bank decides to lend to retail banks (last resort) it just updates a column in its system. It doesn't actually print and ship physical currency. What am I missing? Is this just new hot buzz?
EDIT: I'm not too familiar with the process of "printing money", but I assume that Fed/central bank just buys some assets, and credits seller's account in its system. That all sounds pretty digital to me.
The article goes on from the premise that digital currencies are something new, but aren't almost all currencies already digital? I mean when a central bank decides to lend to retail banks (last resort) it just updates a column in its system. It doesn't actually print and ship physical currency. What am I missing? Is this just new hot buzz?
EDIT: I'm not too familiar with the process of "printing money", but I assume that Fed/central bank just buys some assets, and credits seller's account in its system. That all sounds pretty digital to me.