The role of central banks
Maskin believes central banks’ role in managing monetary policy is critical and that their actions in 2008 prevented a repeat of the 1930s depression. And the primary function of commercial banks is to make loans.
He outlined potential alternatives to banks providing loans. One is crowdfunding, but the problem is too many bad ideas get funded and banks probably do a better job. Instead, it’s conceivable that new institutions might develop to play that role.
Continue read: https://ledgerinsights.com/nobel-laureate-why-central-bank-digital-currencies-will-drive-out-cryptocurrencies/