<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2022000401007</article-id>
<article-id pub-id-type="doi">10.20430/ete.v89i356.1672</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[En defensa del dinero público digital]]></article-title>
<article-title xml:lang="en"><![CDATA[In defense of digital public money]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lastra]]></surname>
<given-names><![CDATA[Rosa M.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Londres Cátedra &#8220;Sir John Chair in Banking Law&#8221; ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>United Kingdom</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2022</year>
</pub-date>
<volume>89</volume>
<numero>356</numero>
<fpage>1007</fpage>
<lpage>1032</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2022000401007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2022000401007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2022000401007&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El dinero es un bien público y, como tal, requiere la ordenación pública del sistema monetario y de pagos a niveles nacional e internacional. Las categorías jurídicas tradicionales -como la moneda de curso legal (legal tender en inglés)- se están adaptando, a veces con dificultad, al espacio digital, puesto que las leyes de los bancos centrales hablan de monedas, billetes y reservas, pero no de monedas digitales, tókenes o tecnología de contabilidad distribuida (distributed ledger technology o DLT). El artículo presenta la tricotomía del dinero digital: criptomonedas, monedas estables (stablecoins) y monedas digitales de los bancos centrales (central bank digital currencies o CBDC), además de considerar la forma en que esta tricotomía reta la noción tradicional de la soberanía monetaria, lo que reaviva el debate entre la teoría estatal del dinero y la teoría social o de mercado del dinero. El artículo examina en particular cuándo, cómo y por qué la digitalización llegó a la banca central, y cómo responden distintas jurisdicciones a la hora de diseñar las CBDC. Finalmente, analiza también aspectos internacionales, al recordar cómo la idea de una moneda global se remonta al Bancor de John Maynard Keynes, y cómo sería posible crear una criptomoneda global que podría circular junto con las criptomonedas nacionales o regionales.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Money is a public good and, as such, requires public management of the monetary and payment system at the national and international levels. Traditional legal categories-such as legal tender-are adapting, sometimes with difficulty, to the digital space, since central bank laws speak of coins, bills, and reserves, but not of digital currencies, tokens, or distributed ledger technology (DLT). The article introduces the trichotomy of digital money: cryptocurrencies, stablecoins, and central bank digital currencies (CBDC), and considers how this trichotomy challenges the traditional notion of monetary sovereignty, which revives the debate between the state theory of money and the social or market theory of money. The article examines in particular when, how, and why digitization came to central banking, and how different jurisdictions are responding when designing CBDC. Finally, the article also examines international aspects, recalling how the idea of a global currency dates back to John Maynard Keynes&#8217; Bancor, and how it would be possible to create a global cryptocurrency that could circulate alongside national or regional cryptocurrencies.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[dinero]]></kwd>
<kwd lng="es"><![CDATA[criptomonedas]]></kwd>
<kwd lng="es"><![CDATA[digitalización]]></kwd>
<kwd lng="es"><![CDATA[bancos centrales]]></kwd>
<kwd lng="es"><![CDATA[regulación]]></kwd>
<kwd lng="es"><![CDATA[soberanía]]></kwd>
<kwd lng="es"><![CDATA[CBDC]]></kwd>
<kwd lng="es"><![CDATA[DLT]]></kwd>
<kwd lng="en"><![CDATA[Money]]></kwd>
<kwd lng="en"><![CDATA[cryptocurrencies]]></kwd>
<kwd lng="en"><![CDATA[digitization]]></kwd>
<kwd lng="en"><![CDATA[central banks]]></kwd>
<kwd lng="en"><![CDATA[regulation]]></kwd>
<kwd lng="en"><![CDATA[sovereignty]]></kwd>
<kwd lng="en"><![CDATA[CBDC]]></kwd>
<kwd lng="en"><![CDATA[DLT]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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