Front Matter Page



Tobias Adrian Tommaso Mancini-Griffoli


The Rise of Digital Money

Tobias Adrian and Tommaso Mancini-Griffoli

July 2019


Front Matter Page

©2019 International Monetary Fund

Cover Design: IMF Creative Solutions

Composition: The Grauel Group

Cataloging-in-Publication Data IMF Library

Names: Adrian, Tobias, 1971-, author. | Mancini-Grifoli, Tommaso, author. | International Monetary Fund, publisher.

Title: The rise of digital money / Tobias Adrian and Tommaso Mancini-Grifoli.

Other titles: FinTech notes (International Monetary Fund).

Description: Washington, D.C. : International Monetary Fund, 2019. | FinTech notes / International Monetary Fund. | July 2019. | Includes bibliographical references. Identifiers: ISBN 9781498324908 (paper)

Subjects: LCSH: Digital currency. | Digital currency—Law and legislation. | Banks and banking.

Classification: LCC HG1710.A37 2019

ISBN 978–1-49832–490-8 (paper)

DISCLAIMER: The views expressed in FinTech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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  • The Rise of Digital Money

    • New Digital Forms of Money

    • Adoption of E-money Could Be Rapid

    • Effects of E-money on the Banking Sector

    • The Role of Central Banks and Synthetic CBDC

  • References

  • Figures

  • Figure 1. Money Trees

  • Figure 2. Stylized e-money Setup

  • Figure 3. E-money with Trust to Protect Client Funds

  • Figure 4. Stylized Example of Deposit Substitution

  • Figure 5. Stylized Example of Splitting the Payment and Credit Functions of Banks

  • Figure 6. Stylized CBDC Setup

  • Table

  • Table 1. Summary of Forms of Digital Money and Their Attributes

The Rise of Digital Money
Author: Mr. Tobias Adrian and Mr. Tommaso Mancini Griffoli