Consumers are increasingly turning to PayPal, Alipay and other payment platforms to transfer, borrow, save and store funds. Companies are also in on the digital action, integrating blockchain intro their financial ecosystems. This disruption of the traditional banking architecture has vast implications for central bankers as well. In this thoughtful examination, economists Tobias Adrian and Tommaso Mancini-Griffoli take a deep dive into the e-money sphere, highlighting why monetary officials need to play an important part in the shaping of these new digital monies.
About the Authors
Tobias Adrian heads the IMF’s Monetary and Capital Markets Department, where Tommaso Mancini-Griffoli is deputy division chief.