Computer Science
3 years ago

Public deposit banks in 1600s set the stage for modern central banks.

Money and Trust: Lessons from the 1620s for Money in the Digital Age
Isabel Schnabel, Hyun Song Shin

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Money is a social agreement where people trust that others will accept it as payment. Central bank money has been stable over time, unlike private money. Lessons from public deposit banks in the 1600s show how trust in money helped stabilize economies during times of war. This history can help us understand the role of cryptocurrencies in today's digital age.