New forms of money could lead to the creation of “walled gardens” unless a public payment system ensures interoperability, research published by the Bank for International Settlements finds.
The authors of the working paper – Jon Frost, Jean-Charles Rochet, Hyun Song Shin and Marianne Verdier – build a two-sided market model, where consumers and merchants are connected by intermediaries such as banks or non-bank payment providers.
The model enables the authors to explore the interactions between
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