It’s Better to Be First on Digital Currencies, ECB Study Finds

For central banks contemplating issuing a digital currency, there could be advantages to getting it done soon, according to a European Central Bank study.

A country without a digital currency would lose some control over its monetary policy by being forced to react more strongly to spillovers from shocks in nations that do have such an instrument, researchers Massimo Minesso Ferrari, Arnaud Mehl, and Livio Stracca found.