Amara's Law and CBDC Development
Currency, Money, Payment Instruments and Systems
Economic perspective
Money can be anything that can serve as a medium of exchange, unit of account, and store of value.
Legal and regulatory perspectives
Currency, mostly banknotes and coins, is the
official means of payment of a State recognized
as such by monetary law. It is always
denominated in the official monetary unit. Legal
tender is a key attribute: it entitles a debtor to
discharge monetary obligations.
Money is broader and includes certain types of
assets or instruments that are readily convertible
or redeemable into currency, such as book.
money (credit balances on accounts) and
electronic money.
Payment instruments are not necessarily currency or
money but are used to effect payments that are
ultimately settled in currency or money.
A payment system is a set of instruments, procedures,
and rules for the transfer of funds between or among
participants; the system includes the participants and the
entity operating the arrangement.
Validation
Clearing
Settlement
Confirmation
Settlement finality
Money?
Currency?
E-money?
INTERNATIONAL MONETARY FUND
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