How Central Bankers Are Reshaping the Definition of Money

While struggling to let go of the traditional definition, the authors accept that the technological advances – driven largely by the emergence of blockchains – allow for some separation of money’s features. What money can do has been impacted by technology, in ways we are all still coming to terms with. It has always been able to trigger programmatic functions (such as in vending machines and arcade games), only now they are sophisticated. It has always had the potential to also be a collectible (signed bills, historic notes), only now with much greater flexibility. Now, money can embed both clearing and settlement. Now, money can be programmed.