Abstract The modern debate about monetary reform has taken on a new twist with the development of private digital currencies employing distributed ledger payments technology. In order to consider the appropriate state response, we go back to first principles of money and finance and the case for financial regulation: to ensure provision of a safe money asset and a stable supply of credit within an inherently unstable financial system. We consider calls to privatize money or to restrict money issue to the state against the background of the increasing marketization of the financial sector and money itself. Following an analysis of private digital currencies, we then consider proposals for state issue of digital currency. It is concluded that the focus of attention should instead be on updating of regulation, not only to encompass digital currencies but also to address other innovations in the financial sector that generate credit and liquidity, in order to meet the needs of the real economy.

中文翻译：

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货币改革、中央银行和数字货币

摘要 随着采用分布式账本支付技术的私人数字货币的发展，关于货币改革的现代辩论出现了新的转折。为了考虑适当的国家反应，我们回到货币和金融的首要原则以及金融监管的案例：确保在本质上不稳定的金融体系中提供安全的货币资产和稳定的信贷供应。在金融部门和货币本身日益市场化的背景下，我们考虑了将货币私有化或限制向国家发行货币的呼声。在对私人数字货币进行分析之后，我们再考虑国家发行数字货币的建议。得出的结论是，注意力的焦点应该放在法规的更新上，