The Digital Money Book

Over the next twenty years, most of the world’s currencies will become fully digital. This page is a resource for those interested in the world of digital money.

While there is a technical definition of money, the practical definition is:

Money is what your landlord will accept as rent and what your lender will accept as repayment of your loan.

Articles by David Siegel

The Road to Digital Money — a short manifesto on why and how we should #rebootfinance
A Short Primer on Money — preventing booms and busts
Cryptocurrencies are Not Money — even Hayek agreed
Understanding the Great Financial Crisis — not what you think, at all
An Open Letter to the Federal Reserve — why we want 2 percent inflation and how to automate monetary policy
Rise up, Africa! Lead the World! — a few ideas for catapulting Africa into the lead using monetary unity
Recessions are not the Result of Animal Spirits, They are a Direct Result of Monetary Policy

Talks by David Siegel

The Road to Digital Money — CC Forum London, October 2019
The Future of Money, at the CC Forum, London, 2018

Digital Money News Sites

The Bitt Digital Money News Hub — updated weekly

Learn the Basics

Marginal Revolution course on macro economics
Marginal Revolution: Mastering Econometrics
Kahn Academy course on macro economics
A Short Intro Course on Money, by Scott Sumner
A Guide to Nominal GDP Level Targeting, by David Beckworth

Overviews and Reports


Deutsche Bank CIO Special Update on CBDC
Central bank digital currencies: foundational principles and core features — BIS report
dGen report on Chinese digital currency and Europe’s need to get going.
Rise of the central bank digital currencies: drivers, approaches and technologies — BIS working paper
A Global Look at Central Bank Digital Currencies — report by The Block Research and KPMG
Central Bank Digital Currency Policy-Maker Toolkit — World Economic Forum
Design Choices for Central Bank Digital Currencies — Brookings
The FATF stablecoin report — this is the same group that helps money-launderers launder money.
Cryptodollars: The Story So Far, by Castle Island Ventures
A Survey of Research on Retail Central Bank Digital Currency, by IMF researchers
Digital Currencies, the Ultimate Hard Power Tool, by Deutsche Bank Research
CBDC adoption and usage: some insights from field and laboratory experiments, bank of Canada
CBDC: A Revolution in Payments, by R3


The Current Landscape of CBDC, by Brookings Institution
The Rise of Digital Money, by IMF researchers
CBDC Discussion Overview, by the Central Bank of Lithuania
Bank of Canada: Central Bank Digital Currency and Banking — working paper
The Digitalization of Money — Princeton and Sciences Po paper
Investigating the Impact of Global Stablecoins — Bank of International Settlements and G7, obviously a reaction to Libra
The (R)evolution of Money II — a well written paper by Accenture
The Case for Building a New Protocol for Money — David Marcus, head of Libra
Libra, the Global Financial System, and Switzerland — a short-sighted but interesting Swiss look at Libra
Aaron Klein’s Overview of the Chinese Payments System — Brookings
G20 work on crypto-assets — not exactly inspiring or innovative
Consensys explains Libra — well written
Global Money for the Poor — why we need better, faster, cheaper payment rails, by Camila Villard Duran
The Rise of CBDC, by the Atlantic Council
Future Agenda on Digital Money — a short argument for better money
The Growing Challenges for Monetary Policy in the current International
In search for stability in crypto-assets: are stablecoins the solution? — EU paper

The Rise of CBDCs, by PWC
Understanding CBDCs, by the Institute and Faculty of Actuaries
The Complete Guide to Stable Coins, by Alyze Sam
The State of Stablecoins, by Consensys


BIS CBDC Overview
The Business of Stablecoins — Aleks Larsen on stablecoin business models.


Digital Cash, by Ben Dyson, BoE


Shelling Out: The Origins of Money, by Nick Szabo

Digital Money White Papers

The Libra White Paper (updated Spring 2020)
Digital Dollar Discussion Paper (May 2020)

Academic Papers

Designing Central Bank Currencies, by the IMF (2019)


IMF Deputy Managing Director Tao Zhang’s Keynote Address on Central Bank Digital Currency (March 2020)
Monetary and Financial System — speech at Jackson Hole by Mark Carney
An ECB digital currency — a flight of fancy? — by Yves Mersch
Should the Bank of Japan Issue a Digital Currency? — by Masayoshi Amamiya, Deputy Governor of the Bank of Japan, July 5, 2019
Caitlin Long on the progress in Wyoming — video

Shaping the New Banking Landscape, Mr Yandraduth Googoolye, Governor, Bank of Mauritius (2019)


Anti-Money-Laundering Laws — A Sheep in Wolf’s Clothing, by David Siegel (2020)
Through a Legal Lens, an overview by
FinCen: Stablecoin issuers are money transmitters (2019)
Finma (Swiss) Stablecoin Guidelines (2019)


Digital Currency Global Initiative, by ITU and Stanford
The MIT Digital Currency Initiative
Positive Money Europe

Digital Money Projects (nongovernmental)

True USD
Circle/Centre USDC
The Digital Dollar Project
Maker DAI
Gemini Dollars
Binance Venus
Paxos Standard


The Messari Stablecoin Tracker
The Stablecoin Index
The Bitt CBDC Hub of interesting research




Permissionless Finance

Government Projects By Country


Working paper for Australian CBDC


Sand Dollar announcement, Central Bank of the Bahamas


Not sure, but it looks like their early experiment, run by Bitt, is over.


Press release


Bank of Canada digital innovation portal


The PBoC web site has nothing in english on their digital yuan.
Screenshots of Digital Yuan emerge — CoinDesk
China’s Patent Portfolio — covered by the Chamber of Digital Commerce


BoJ announces research into CBDC


Bank of Korea announces their project

Marshall Islands

Sov project, in partnership with Algorand


Reported to be working on a digital rupee


Russia’s largest state-owned bank plans to launch a stablecoin this year — press release


Project Ubin

South Africa

South Africa Reserve Bank looking into digital rand


E-Krona page by the Swedish government
Accenture will partner with Swedish government to pilot the E-Krona


United Kingdom

BoE Research hub

United States

Federal Reserve announces research project into digital dollar.


The Midas Paradox, an evidence-based look at the Great Depression by Scott Sumner
Macroeconomic Principles, a Business Perspective, by Scott Sumner
Modern Principles of Economics, by Tyler Cowen and Alex Tabarrok


The Money Illusion
Macro Musings by David Beckworth


Macro Musings by David Beckworth

David Siegel is a thought leader in blockchain and an expert on digital money. He is the author of The Token Handbook. His consulting page is Permissionless Finance. If there are any errors or omissions on this page, please send them to David Siegel.




Provocateur, professional heretic, slayer of myths, speaker of truthiness to powerfulness, and defender of the Oxford comma.

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David Siegel

David Siegel

Provocateur, professional heretic, slayer of myths, speaker of truthiness to powerfulness, and defender of the Oxford comma.

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