In an American Banker article, BWC Member Linda Jeng argues that if the future of digital monetary policy wants to succeed, recognizing that people experience money through use is crucial. Stablecoin regulations such as the GENIUS Act and MiCAR, echo the Chicago Plan idea of “narrow banking” by requiring some digital payment tokens to be fully backed by safe assets. These frameworks do not eliminate traditional bank-created money. Instead, they allow multiple forms of digital money to coexist. The result will be a more complex monetary ecosystem, and the future of money will be anything but narrow.  

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All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.