Public and Private Money Can Coexist in the Digital Age
It may be puzzling to consider that privately- and publicly-issued monies have coexisted throughout history. Why hasn’t the more innovative, convenient, user-friendly, and adaptable private money taken over entirely?
Threats, both legal and physical.
The private monies that can be redeemed at a fixed face value into central bank currency become a stable store of value. Ten dollars in a bank account can be exchanged into a ten-dollar bill accepted as legal tender to settle debts. The example may seem obvious, but it hides complex underpinnings: sound regulation and supervision, government backstops such as deposit insurance and lender last resort, as well as partial or full backing in central bank reserves.
This is really disengenious - try setting up a localcoin for bartering and watch what happens next.
Moreover, privately-issued money becomes an efficient means of payment to the extent it can be redeemed into central bank currency.
No, not always; indeed, monetary fiefdoms have existed, such as mining scrips, and those not so long ago.
Please read the rest; it's a distortion of monetary history designed to make the central banksters the trusted and secure controllers of monetary policy, rather than the gangsters using weapons few have ever understood.
This is, of course, a nod to stablecoins, but only those are as regulated as bank accounts. At which point, we may ask what is the point? And the point is to create distance between a CBDC and the retail sucker at the end of the chain.
Note also that the article is 2 years old - we're getting there, albeit slowly.