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The coming currency war: Digital money vs. the dollar

Section: Daily Dispatches

By Dave Michaels and Paul Vigna
The Wall Street Journal
Sunday, September 22, 2019

The future of money might be a digital version of the cash that's already in people’s wallets -- potentially upending the currency system that the world has known for many decades.

Such a future, of course, might be a disappointment to many libertarians and tech-savvy investors who are pinning their hopes (and in some cases their money) on private cryptocurrencies such as bitcoin.

... Dispatch continues below ...


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Instead, central bankers and governments -- the entities that cryptocurrencies' backers hoped to render obsolete -- are increasingly warming to the idea of "digitizing" their own national currencies. That is, they would issue money that would exist only virtually, without a paper or coin equivalent, and be universally accepted as a form of payment. ...

"No central bank wants the currency to be something it doesn't control," says Jeremy Stein, a Harvard University economics professor who served as a Fed governor from 2012 to 2014. "In the extreme, if everything in the world is priced in Libra and not in dollars, the U.S. cannot set monetary policy -- because setting interest rates in dollars, who cares?" ...

... For the remainder of the report:

https://www.wsj.com/articles/the-coming-currency-war-digital-money-vs-th...

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