'The Fed's Disaterous Confusion about Money' cc: brick_trade futureoffinance cdbc
The term “money” is often used as a synonym for currency. However, the determination of the former qualification is observably a distinction left entirely to users of the latter. Which is to say that money is a contract between two or more parties. The arrangement solves a central challenge in trade referred to as theproblem, entailing an agreement over one or more units of account and media of exchange.
A Federal Reserve note is a physical manifestation of a fiat currency. The latter is often contrasted to commodity currencies—where the price for the good matches the unit of account imprinted on it. The term '' refers to the proclamation of authority that it wishes a particular unit of account to be used as money.
In the United States, the Federal Reserve has taken the lead on discussing a potential U.S. CBDC with a, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” The document purports to summarize the current state of domestic payments systems and further discuss the different types of digital payment methods and assets that have emerged in recent years.
In an attempt to discern a central bank digital currency from existing forms of money, the Fed's paper defines a CBDC as a digital liability of a central bank that is widely available to the general public and analogous to a digital form of paper money.* The latter implementation currently takes on the form of Federal Reserve notes in seven denominations and various forms of coinage.
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