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Frontiers of digital finance, part 1: A global perspective
The digitisation of payment, trading, and settlement systems is reshaping the financial architecture. This column, the first in a two-part series, offers an overview of major trends across the world. It highlights the successful implementation of payment systems in India and Brazil. Other parts of the world, such as sub-Saharan Africa, have also made significant progress but require stronger governance and institutional capacity. Finally, the US and euro area offer two models for digital payments in advanced economies, with important questions centring around who issues new forms of digital money and how to balance privacy and stability concerns.
