CEPR：2025年数字金融前沿报告（英文版）

The digitisation of payment, trading, and settlement systems is reshaping the financial architecture. New technologies are transforming how value is created, stored, transferred, and accounted for, altering the balance between public and private money, enabling the bundling of services, challenging traditional financial institutions, and prompting a wave of regulatory and institutional responses. The global picture is uneven. Some regions are leapfrogging others, and conflicting ideologies ab