Digital Euro Association Blog

Programmable Money and Programmable Payments

Sep 29, 2020 1:09:54 PM / by Victor von Wachter, Jonas Gross, Alexander Bechtel, Philipp Sandner


“Programmable money” is, without doubt, one of the major buzzwords in the blockchain space in 2020. Even though everyone seems to talk about it, we still lack a clear definition and hence common understanding of this term. In this article, we present a taxonomy of programmable money. In particular, we argue that “programmable money” has to be differentiated from “programmable payments”. To make this distinction as clear as possible, we develop a framework in which we decompose the payments value chain into three pillars: the contract execution system, the digital payment infrastructure, and the monetary unit. 

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Tags: Digital Money, Programmable euro