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  • In the classic account of technological disruption, small, flexible upstarts topple large, plodding incumbents because the latter fail to grasp the radical implications of innovations. But in the case of payments systems, central banks are not typical incumbents, and are more likely to facilitate the revolution than be devoured by it.

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    vansteenis2_Zhang PengLightRocket via Getty Images_wechatpaychinacheckout Zhang Peng/LightRocket via Getty Images

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