• It is of outmost importance for central banks to assess how new technologies may contribute to their mandate of providing money to our societies and to developing payment systems as public goods that contribute to facilitate fast, low-cost, and scalable payment alternatives for a broad range of users.
• Since the origins of fiduciary money, authorities have not faced a challenge where private digital payment solutions could induce a significant currency substitution. • History has numerous examples where the generalized use of private money without a lender-of-last resort, combined with  6  inadequate institutions and external or internal shocks resulted in an economic crisis, affecting social welfare significantly.