Central banks

For more than a year, the central bank has been under pressure to speed the development of a real-time payment system. But it faces tough questions about what its own role should be.

With Wall Street on board, investors look to spend coins on real estate or through bitcoin debit cards.

Society has accepted central banks’ monopoly over creating and controlling the flow of money, but history and current technological innovations point to alternative approaches.

If the Federal Reserve and other central banks began issuing their own digital currencies, they could benefit consumers, boost the economy and fight financial crime. But not without risks to cybersecurity, individual privacy — and possibly bank profits.