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Now is not the time for central bank digital currencies

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Digital currencies updatesSign up to myFT Daily Digest to be the first to know about Digital currencies news. Stephen Cecchetti is Rosen Family Chair in International Finance at Brandeis International Business School. Kim Schoenholtz is Henry Kaufman Professor of the History of Financial Institutions and Markets at NYU Stern School of Business. In this guest post, they argue that central bank digital currencies are a solution looking for a problem.In a recent column, the FT’s Martin Wolf called for central banks to introduce their own retail digital currencies now. While we share several of Martin’s concerns about the importance of faster and cheaper payments, financial inclusion, and limiting private digital currencies, we could not disagree more with his argument for

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