The Future of Digital Money

The announcement of the launch of Libra, a private global cryptocurrency, reignited the debate on the costs and benefits of digital forms of payments controlled by the private sector. A debate that started with the creation of Bitcoin and led to predictions (and fears) on disruptive scenarios for financial systems, payments or even central banks.

This debate page is now retired.

Debate Moderators

Antonio Fatás

Vice President Centre for Economic Policy Research; Professor of Economics European Institute of Business Administration (INSEAD)

Fellow, Macroeconomics and Growth / RPN Member, Fintech and Digital Currencies / CEPR Vice President

Stephen Cecchetti

Rosen Family Chair in International Finance, Brandeis International Business School Brandeis University; Vice-Chair, Advisory Scientific Committee European Systemic Risk Board

This VoxEU debate on the future of digital money was launched to foster a conversation among academics and policymakers about the costs and benefits of some of the innovations and future scenarios for digital money. Among the many open questions it was hoped to address with this debate werere:

Is there a role for a global digital currency?
Will the use of private digital currencies (such as Libra) become widespread?
As legacy monies disappear, what will happen to the role of central banks in the payment systems?
How will financial institutions, in particular banks, evolve if these innovations become ubiquitous?
Will there be new channels for the transmission and amplification of economic and financial shocks both within and across borders?
How should we regulate tech companies that become large players in the payments system and financial markets?

Read the column by Steve Cecchetti and Antonio Fatás introducing the debate here.