• edited byDirk Niepelt
12 Nov 2025

Digital innovation is transforming money and redrawing the global financial landscape. From instant payments to stablecoins, CBDC, and tokenised assets, new technologies are redefining how value is created, stored, and exchanged – reshaping the roles of banks, central banks, and markets. Yet this transformation is far from uniform: while some economies are leaping ahead, others lag behind, and divergent views on the state’s role in money are creating tensions over sovereignty, control, and interoperability.
Bringing together leading researchers and policymakers, this volume offers a panoramic view of the forces reshaping the financial architecture. It examines regional trajectories – from India and Brazil to sub-Saharan Africa, the United States, and the euro area; the development of and regulatory response to stablecoins; the challenge of maintaining monetary ‘singleness’ amid the growing variety of digital money; and the implications of tokenisation and decentralised finance for credit, financial inclusion, and stability.

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