A fundamental question has recently been on my mind: What is money? While this might seem straightforward, especially to those in traditional finance, unpacking it reveals deeper questions about money ...

All forms of money are not equal. The highest rung is occupied by cash. The only digital asset capable of replicating such a safe position is a CBDC. Safe in terms of liquidity and counterparty risk.

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. The neutrality of money, also called ...