Programmable Money
Political Economy
Central Bank Independence and Digital Currency: The CBDC Threat to Monetary Autonomy
CBDCs raise profound questions about central bank independence — from political programming of money, to fiscal-monetary interaction, to the surveillance of transactions. The political economy of programmable central bank money is the most consequential monetary policy debate in decades.
Digital Yuan (e-CNY)
China's central bank digital currency, the world's most advanced retail CBDC deployment, issued by the People's Bank of China and operated through a two-tier commercial distribution model.
Financial Inclusion or Surveillance? The CBDC Dilemma
CBDCs promise to reach 1.4 billion unbanked people globally, but programmable central bank money carries unprecedented surveillance and control capabilities. The tension at the heart of digital currency policy.