Monetary Sovereignty in a Digital Age: Central Bank Digital Currencies and Their Institutional Implications

数字时代的货币主权：央行数字货币及其制度影响

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Central bank digital currencies (CBDCs) represent sovereign money issued electronically by central banks, distinct from private stablecoins or commercial bank deposits.
Their adoption raises foundational questions about financial inclusion, privacy architecture, and the future role of commercial banks in payment intermediation.

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