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An IMF economist explains central bank digital currency to his mother

Summary:
Tommaso Mancini-Griffoli in this IMF article: My dear mother, I hope this letter finds you well, back in Italy. We are fortunate to have just visited; now we’ll go back to seeing each other on screen for a few months. Still, how far we’ve come since the immigrants of the last century who could only write letters—and hope they would eventually arrive. And yet, as I unpacked, I found remnants of our visit: euro notes, unused from my trip and now souvenirs of my stay. If only I could send them back as easily as I can call you. It might not be long before this is possible. The cash you spend at the market may one day be replaced by a central bank digital currency. Yes, the stuff I work on at the IMF, which you always ask about and we never find time to discuss.

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Tommaso Mancini-Griffoli in this IMF article:

My dear mother,

I hope this letter finds you well, back in Italy. We are fortunate to have just visited; now we’ll go back to seeing each other on screen for a few months. Still, how far we’ve come since the immigrants of the last century who could only write letters—and hope they would eventually arrive. And yet, as I unpacked, I found remnants of our visit: euro notes, unused from my trip and now souvenirs of my stay. If only I could send them back as easily as I can call you. It might not be long before this is possible.

The cash you spend at the market may one day be replaced by a central bank digital currency. Yes, the stuff I work on at the IMF, which you always ask about and we never find time to discuss.

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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