The roll-out of central-bank digital currencies will slow in 2024

By Arjun Ramani

New technologies have changed the nature of money many times in the past. The Lydians invented coins in the seventh century BC; paper money emerged in seventh-century China. Credit and debit cards spurred a shift away from paper money and cheques. In the 2010s, smartphone-based payments took off. Use of cash is now plummeting: its share of retail transactions in ten of the world’s biggest markets fell from about three-quarters to one-half from 2011 to 2021, according to McKinsey, a consultancy.