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Exploring the Landscape of Electronic Money and DeFi Innovations
This chapter delves into the current landscape of electronic money, emphasizing the dominance of privately issued electronic money by commercial banks and the necessity of full reserve money for safety on an Internet scale. It explores how DeFi and on-chain technologies can revolutionize credit delivery systems, discussing the role of AI in credit decision-making. Additionally, the conversation touches on central bank digital currencies, stablecoins, regulatory concerns, and the importance of fair rules to support innovation in the financial system.