The issuance of retail central bank digital currencies may not stop the spread of stablecoins, a new economic note from the Swiss National Bank argues.
In their paper, published on April 2, Severin Bernhard and Philipp Haene look at two historical examples of the free banking era, in which commercial lenders could issue their own currencies without central bank regulation: the Suffolk Bank system in the US and the Swiss monetary system in the 1800s.
The Suffolk Bank system existed from mid-1830
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