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Part II Digitalization of Money and Finance, 9 The Evolution of New Forms of Money and the Monetary Constitution

Manuel Monteagudo Valdez

From: International Monetary and Banking Law post COVID-19

Edited By: William Blair, Christos Gortsos, Chiara Zilioli

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 04 March 2024

Subject(s):
Currency — Financial regulation — Liquidity — Bank for International Settlement (BIS) — Concept of money — Monetary system — International Monetary Fund (IMF)

This chapter looks into the evolution of new forms of money and monetary constitution, highlighting that [According to history,] monetary diversity and technology have been key to the formation of monetary systems. Thus, Today, central bank’s independence and money play an organizational—constitutional role in society. In correlation, the International Monetary Fund (IMF) and the Bank for International Settlement (BIS) and many central banks assess the possible competition between digital currency issuance by central banks and private means of payment. The chapter explains how private money is vis-à-vis the constitutional foundation of monetary activities by differentiating public from private money creation. It also covers the institutional response to the possible disturbing effects of bitcoins.

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