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EVERY TIME I read his work I learn new things—here, it’s how CBDC upsets old-school central banking rules of thumb (bal sheet=currency in circulation+required reserves) bc CBDC creates negative seigniorage.💡Great money/collateral ratio work too.

Manmohan Singh on the Role and Structure of Stablecoins and the Impact of Collateral in the...

Manmohan Singh is a senior economist at the International Monetary Fund and works on rehypothecation, shadow banking, the

2:56 PM · May 30, 2022

Replying to

Dr. Singh asked me to clarify that it’s an *interest-bearing* #CBDC that would create negative seigniorage, not just any type of CBDC. Thanks for the clarification,

@manmohanDCsingh

!🙏

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Because time runs against the one who produces and in favor of the holder of the money? We need a level playing field between the producer and the holder of money.

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Negative seigniorage? Hmmm 🤔

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