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For a while now, central bankers have treated crypto like a glorified game of The Sims. Instead of using cheat codes to create fake families and erect McMansions out of thin air (motherlode, anyone?), they’ve been “pumping out jargon-filled white papers” with dreamt-up digital tokens and ledgers that may or may not protect us against “the next Bitcoin,” Lionel Laurent writes. But there’s trouble in playing too much make-believe: Just as building flourishing virtual neighborhoods with boatloads of simoleons is absolutely not the same thing as purchasing an actual house with real money, cooking up plans for a digital euro is far “easier and cheaper than doing it for real,” Lionel argues.
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