Payment Systems and Monetary Policy
For a long time, large value payment systems have been viewed as being important for financial stability.
But so far, they have not been considered to have an impact on monetary policy and its implementation. However, the advent of new technologies like distributed ledger technology has led to a marked surge in attention by the central banking community to these payment and settlement systems.
Download our paper to discover why, despite being novel in terms of the technology that underpins them, pre-funded wholesale payment systems like those within FnGP have essentially no monetary policy implications.