THE CASE FOR DIGITAL LEGAL TENDER - The Macroeconomic Policy Implication of Digital Fiat Currency

Rohan Grey; Jonathan Dharmapalan


Historically, currency in an economy has acted like grease in a wheel of a car. Digital Fiat Currency presents a future for payments system innovation, post–crisis monetary policy implementation, and regulation of the shadow banking sector.


Table of Contents


FOREWORD ...................................................................................... 7

PREFACE .............................................................................................11

EXECUTIVE SUMMARY.............................................................15

INTRODUCTION: THE RISE OF DIGITAL FINANCE.............19 PART I: Three Challenges of Post--Crisis Macroeconomic Policymaking.............21

1. Vanilla Banking in Flux..................................................................21

2. Improvising Monetary Policy ................................................. 27

3. Rethinking Fiscal Wisdom.........................................................28 PART II: The Way Forward .........................................................................31

Addressing Development and Technical Needs .....................................31

Digital Fiat Currency: A Technical Solution to a Technical Problem.............32 Design Considerations and Constraints......................33

Impact and Benefits....................................................................36

Implementation Challenges.................................................46 PART III: Conclusion ....................................................................51 REFERENCES.................................................................................. 53

ABOUT THE AUTHORS............................................................59


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