There are several reasons why some believe the introduction of central bank digital currency is a matter of urgency. Policy-makers should proceed with caution. First, physical cash is disappearing. In Sweden, for example, cash in use has dropped to 1.2% of GDP. Other means of payment, including credit and debit cards, as well as electronic payment systems such as Swish, are flourishing. In China, cashless payments have skyrocketed to 800% of GDP, but cash use persists at 7% of GDP, according to the Bank for International Settlements. Second, a robust payments instrument is needed. Privately issued means of payments – ... (full story)