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Blog Secure Digital Money (CBDC)

The Great Crisis has brought about an extraordinary increase in banking regulation and the intervention of central banks, but it has not changed the money creation system. Some scholars propose moving from the current system of fragile money creation by commercial banks to a system of public money issued by central banks (CBDC) that would allow the liberalization of banking activities. This Blog provides information on these monetary and financial reforms.

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The Money Revolution Has Started

Both the Digital Euro and other CBDCs (public and safe money), as well as Stable Coins (Stablecoins) backed 100% by safe money, are very valuable alternatives to bank deposits

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CIRCLE's Euro Coin

CIRCLE's Euro Coin is going to stimulate the debate on the regulation of the three digital currencies: CBDCs, Stablecoins and bank deposits.

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The Digital Money Revolution

We are at the beginning of a profound transformation of the current money system, payment services, credits and other financial activities.

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The irresistible rise of secure digital money (CBDC)

9 out of 10 central banks are exploring central bank digital currencies (CBDCs), and more than half of banks are developing them or conducting concrete experiments.
Some 40 central banks believe that secure digital money will work in their countries within six years.

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Digital money comes of age

Stablecoins backed XNUMX% by public money solve the problems of microeconomic and macroeconomic stability that current fractional banking generates and do not have the problems that arise when leaving the creation of money in the hands of private companies.

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The Left and Public Digital Money

The economic boom that
such a simple change can mean for the real economy of companies and families
is undoubtedly a horizon that, in a world that is going backwards on so many fronts, should make us recover
the trust.

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State and Market in the Financial System

A pragmatic vision of the public and the private does not consist in asking whether there should be more or less Market or more or less State, but in leaving to the Market and the State what they know how to do best.

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The Future of Stablecoins in the reform of money and payment services.

Stablecoins, properly regulated, can perfectly coexist with CBDCs, whose objective is to facilitate access to public and secure digital money for all citizens and companies. But they will have an impact on the current deposit institutions, so it will be reasonable to design a smooth transition from the current system to the new system of money and payment services.

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The Digital Euro in Parliament

In the same way that has happened with the liberalization of other regulated monopolies, competition in payment services will not only ensure that current services are better provided, but new services will emerge that today we cannot even imagine

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A Conversation about Digital Money

The digital money drama has three players: 1. Public Digital Money (CBDC), 2. Stablecoins, and 3. Bank Deposits, which is now the massively used digital currency around the world.

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A book on CBDCs

An interesting sign of the change of times is that the authors who until very recently were furious enemies of the idea of ​​opening access to digital public money to all citizens and companies, have gone from attacks to doubts.

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The Stablecoin Debate

"Innovation in payments services, and the competition it generates, is good for consumers." Stablecoins are a new version of something older and more familiar: the bank deposit. " State support for banks "does not come for free ... they have costs ... they limit free entry into the markets in which banks operate." "Regulation and supervision protect banks from direct competition."

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The Regulation of "Stablecoins

The regulation of "Stablecoins" is a recognition of the role that these "coins" must have in the money reform that is being debated around the world.

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Banking and the Market

The dependence of European companies on bank financing is excessive and this hinders their access to their own funds or new external financing.
The objective of the European Union is to reduce the percentage weight of the banking sector. And the model is the US market, where only between 8% and 12% of corporate liabilities is bank debt, compared to 30% in the EU.

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Author

Miguel A. Fernandez Ordonez

State economist. He has been Secretary of State for the Economy, Trade and Finance and Budgets, President of the Court for the Defense of Competition and the Electricity Commission (CSEN). Between 2006 and 2012, he was Governor of the Bank of Spain and a member of the Governing Council of the European Central Bank (ECB). He currently teaches Seminars on Monetary Policy and Financial Regulation at IEUniversity. His latest book, “Adios a los Bancos”, is dedicated to public digital money (CBDC) and the liberalization of the financial system.

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