Instead, central banks will take a broad interest in the many different appearances and functions of money. Evolutions like the rise of local currencies or the emergence of digital money such as privately issued cryptocurrencies will certainly not go unnoticed.
First, I will briefly touch upon the concept of money, before shedding some light on the difference between commercial bank money and central bank money. I will then clarify the process through which central banks create central bank money, and position central bank money against alternative forms of money such as local currencies and cryptocurrencies.