The race to become the first major global economy to issue a central bank digital currency (CBDC) has just intensified – with the European Central Bank (ECB) seemingly admitting that when it comes to CBDC launches, it may pay to be first.
These were the findings of a new paper authored by Massimo Minesso Ferrari, an economist in the ECB’s International Policy Analysis Division, and two other ECB CBDC policymakers,
