Regulating Digital Currencies: Ensuring an Efficient and Competitive Payment Market

There is consensus that promoting competition and innovation is a foundational principle in regulating Central Bank Digital Currencies (“CBDCs”). Competition with existing means of payment (“inter-system competition”) should always be preserved, allowing private payment players to innovate and thrive alongside CBDCs. Additionally, competition within each CBDC ecosystem (“intra-system competition”) should be ensured, enabling private players distributing CBDCs to innovate and provide