[eru]

Yes, that's exactly what I was aiming at, but it is also in contrast to what lsiq's comment https://news.ycombinator.com/item?id=34387305 alleged.

[neilwilson]

It's also incorrect.

Central banks are an optimisation. They are not required.

Banks can transfer between themselves without any central bank in play. Central bank liquidity is not required.

That's how correspondence banking has worked for centuries.