Monetary Sovereignty in the Age of Programmable Liabilities

可编程负债时代的货币主权

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Central bank digital currencies (CBDCs) represent not just digitized cash but programmable liabilities with built-in policy parameters like expiry dates, geofencing, or conditional disbursement triggers.
Unlike commercial bank money, which expands via lending decisions, CBDCs introduce direct monetary instruments that can modulate spending velocity without altering interest rates.

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