ELI5 Central Banks - do crypto currencies make them obsolete?
What does a central bank do? What’s the difference between a central bank, a reserve bank and a monetary authority? Why are some people against having a federal reserve? What is a CBDC, a central bank digital currency? How is it different to crypto currencies?
... we explain like I'm five
Thank you to the r/explainlikeimfive community and in particular the following users whose questions and comments formed the basis of this discussion: reingding13, yellowjacketcoder, ronquistador, rdavidson24, sakiliya, wrsaunders, litecow and cross_keynesian
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