ELI5 Central Banks - does crypto make them obsolete?

What does a central bank do? What’s the difference between a central bank, a reserve bank and a monetary authority? Why are some people against having a federal reserve? What is a CBDC, a central bank digital currency? How is it different to crypto currencies? ... we explain like I'm five Thank you to the r/explainlikeimfive community and in particular the following users whose questions and comments formed the basis of this discussion: reingding13, yellowjacketcoder, ronquistador, rdavidson24, sakiliya, wrsaunders, litecow and cross_keynesian To the ELI5 community that has supported us so far, thanks for all your feedback and comments. Send us an e-mail: [email protected]