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Two paths to tomorrow’s money

Author

Listed:
  • Mclaughlin, Tony

    (Managing Director of Emerging Payments and Business Development, Citi Treasury and Trade Solutions at Citibank, UK)

Abstract

Payment systems need to be modernised to meet the needs of 21st-century digital economies, but which road to follow? The publication of the Bitcoin white paper in 2008 raised the prospect of global digital currencies without central issuers or intermediaries. While cryptocurrencies have yet to achieve the status of money, the underlying ‘token’ technology has prompted big tech interest in stablecoins and central banks to evaluate novel forms of national currency issuance. Although crypto has captured the column inches, most real-world action in payments since 2008 has been elsewhere — the rollout of instant payments schemes, the adoption of electronic money wallets by hundreds of millions of people and the FinTech revolution. This paper suggests that we stand at a crossroads. Will the future of money be digital tokens, restructuring the financial system as we know it, or a much needed overhaul of account-based payments?

Suggested Citation

  • Mclaughlin, Tony, 2021. "Two paths to tomorrow’s money," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 15(1), pages 23-36, March.
    • Handle: RePEc:aza:jpss00:y:2021:v:15:i:1:p:23-36
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    Citations

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    Cited by:

    1. Wang, Yizhi & Lucey, Brian M. & Vigne, Samuel A. & Yarovaya, Larisa, 2022. "The Effects of Central Bank Digital Currencies News on Financial Markets," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    2. Helmi, Mohamad Husam & Çatık, Abdurrahman Nazif & Akdeniz, Coşkun, 2023. "The impact of central bank digital currency news on the stock and cryptocurrency markets: Evidence from the TVP-VAR model," Research in International Business and Finance, Elsevier, vol. 65(C).
    3. Hoang, Yen Hai & Ngo, Vu Minh & Bich Vu, Ngoc, 2023. "Central bank digital currency: A systematic literature review using text mining approach," Research in International Business and Finance, Elsevier, vol. 64(C).

    More about this item

    Keywords

    crypto-currency; Bitcoin; blockchain; central bank digital currency (CBDC); Stablecoin; instant payments; digital identity;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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