How Central Bankers Are Reshaping the Definition of Money

Whereas struggling to let go of the standard definition, the authors settle for that the technological advances – pushed largely by the emergence of blockchains – permit for some separation of cash’s options. What cash can do has been impacted by expertise, in methods we’re all nonetheless coming to phrases with. It has all the time been in a position to set off programmatic features (akin to in merchandising machines and arcade video games), solely now they’re subtle. It has all the time had the potential to even be a collectible (signed payments, historic notes), solely now with a lot larger flexibility. Now, cash can embed each clearing and settlement. Now, cash might be programmed.