La moneta digitale di banca centrale: perché?

This chapter analyses Central Bank Digital Currencies (CBDCs) as a possible evolution of public money amid the growing digitalisation of payments. The hypothesis is that CBDCs are not primarily a technological innovation, but an institutional response to the decline of cash and the spread of private digital instruments, which strain the link between public and private money. Revisiting the role of technology, institutions and the two-tier system, the chapter argues that monetary trust requires a credible institutional anchor. CBDCs are thus conceived as a digital extension of public money, aimed at preserving its anchor function without replacing bank money.