## The Rise of Digital Money

_FinTech Notes, July 15, 2019_

## Source details

**Canonical URL:** [The Rise of Digital Money](https://www.imf.org/en/publications/fintech-notes/issues/2019/07/12/the-rise-of-digital-money-47097)

## Other formats

- [Markdown version](/en/publications/fintech-notes/issues/2019/07/12/the-rise-of-digital-money-47097/index.md)
- [Structured JSON version](/en/publications/fintech-notes/issues/2019/07/12/the-rise-of-digital-money-47097/index.json)
- [Bundle manifest](/en/publications/fintech-notes/issues/2019/07/12/the-rise-of-digital-money-47097/bundle-manifest.json)

## Bibliographic details
- Authors: Tobias Adrian, Tommaso Mancini-Griffoli
- Published: July 15, 2019
- Series: FinTech Notes
- DOI: https://doi.org/10.5089/9781498324908.063

---

### Overview and scope
- This paper marks the launch of a new IMF series, Fintech Notes.
- Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically.
- The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy.
- The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies.
- Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers.
- Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar.

### Key findings and risks
- Identifies benefits and risks associated with broader adoption of stablecoins.
- Highlights risks associated with e-money, including:
  - potential creation of new monopolies;
  - threats to weaker currencies;
  - concerns about consumer protection and financial stability;
  - the risk of fostering illegal activities.

### Policy and regulatory issues emphasized
- Highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins.
- Focuses attention on the intersection of technology, digital money providers, and traditional banking and payment systems.
- Keywords indicate attention to actors and concepts such as commercial bank, e-money issuer, e-money provider, FTN, providers default, unit of account.

---

## Content in this bundle

- **Ftnea2019001**
  - [Ftnea2019001 (Markdown version)](/-/media/files/publications/ftn063/2019/english/ftnea2019001.pdf.md){rel="alternate" type="text/markdown"}
  - [Ftnea2019001 (PDF)](/-/media/files/publications/ftn063/2019/english/ftnea2019001.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/fintech-notes/issues/2019/07/12/the-rise-of-digital-money-47097_