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Technological change will change the payment system as we know it, and blockchain technology will probably play a very important role in this process by facilitating the emergence of digital currencies. What are the key aspects of the technologies that will enable this transformation? Which cryptocurrencies are most likely to succeed?

Digital technologies permeate the debate on the future of the economy. Monetary policy and its main vehicle, money, are no exception. More and more products are sold over the internet and cash is used less and less. This new digital economy creates new demands on the financial sector and digital money emerges as a new means of payment that appeals to consumers. How does all this affect monetary policy? What can central banks do (and what are they doing) about it?

Finance is a key sector for the economy. Therefore, any significant innovation in this field deserves to be analysed with caution, and its implications, well understood. This is what we seek to do in this article with the Libra project.

With the announcement of Libra, Facebook have put the debate about cryptocurrencies and the operation of existing payment systems back on the agenda. After the fall in the value of Bitcoin and doubts about its ability to function as money, many see stablecoins as an alternative with greater potential for adoption.

El tercer volumen de nuestra colección Nuevos Paradigmas está marcado, como no podía ser de otra manera, por los efectos de la COVID-19 y su papel como aceleradora de tendencias que ha hecho emerger nuevas formas de percibir y gestionar situaciones derivadas de la crisis sanitaria. En él abordamos las perspectivas económicas de 2022, la evolución de la desigualdad, las tendencias de consumo, el impacto de los fondos de recuperación europeos y el papel de las democracias en tiempos de pandemia.