Hi Rasheed, I appreciate your comments. However, whether the public has accounts with the central bank or with commercial banks, the same problem holds. A system with negative rates will tax wealth. If you propose that the central banks offer positive interest rates for consumers and offer negative rates for commercial banks, it will still lead down the same rabbit hole. Even if you trust today's central banks to protect the value of your currency, there is no guarantee that they will - either now or in the future. Trust and assurance are very different things. And there is no assurance that your central bank stored digital money won't experience negative interest. In contrast, if you pull your money out of the bank, there is an assurance that you won't be charged negative interest. Moreover, if the spread in rates between commercial and consumer grew too large, it would be arbitraged away eventually.