Why do Banks Oppose Digital Currency?

Over the centuries, various forms of money have emerged to meet the economic needs of the time. Coins, banknotes, cheques and credit cards were each innovations in their own day (Giannini (2011)). In recent decades, new payment technologies have been added to this list, from phone-based mobile money to smartphone-based payment apps, and from stable coins to a new form of central bank-issued money in the form of CBDCs.

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