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Uniformity of money - new challenges and lessons from the past

2 April 2026
Severin Bernhard
Philipp Haene
Issue 2026-03

Summary

In modern economies, uniformity of money is often taken for granted. However, uniformity did not always hold in the past, and new developments - such as the decline in the use of cash for payments or the emergence of new forms of private digital money - may pose challenges. This economic note explores these challenges, draws lessons from the past, and discusses potential measures for authorities to support uniformity.

Issue:
03
Pages:
6
Keywords:
Uniformity, Singleness, Money, Digital money, Stablecoins, Central banks, Regulation, Trust, Settlement, Convertibility, Cash
Year:
2026

Author(s)

  • Severin Bernhard

  • Philipp Haene

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