The institution of money is rapidly evolving thanks to developments in computer-based cryptography. Technological advances have made possible the creation of cost-effective electronic alternatives to banknotes and coins, which are the traditional physical currencies. This document aims to describe — based on scientific literature — the use and characteristics of money, some of the problems associated with issuing a new currency or a new payment instrument, and the possible comparative advantages of a central bank in leading the way relative to private issuers.
Camera, G. (2016). A perspective on electronic alternatives to traditional currencies. ESI Working Paper 16-32. Retrieved from http://digitalcommons.chapman.edu/esi_working_papers/210/