How Central Bank Digital Currencies Redefine Monetary Sovereignty — Beyond Payment Efficiency

央行数字货币如何重构货币主权——远超支付效率范畴

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Central bank digital currencies (CBDCs) are not merely digitized cash but instruments that reconfigure the state’s relationship with monetary intermediation.
By enabling direct central bank access for households and firms, CBDCs potentially bypass commercial banks’ credit-creation monopoly.

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