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Digitization of national currencies [0] -- don't think cryptocurrencies, but rather a harmonized API for financial transactions. In particular, I expect this to
by hwbehrens 6y ago
Digitization of national currencies [0] -- don't think cryptocurrencies, but rather a harmonized API for financial transactions. In particular, I expect this to drastically affect cross-border transactions by substantially lowering the bar to implementing them (as compared to SWIFT, for example) by whatever country gets there first, in the hope that their digital currency might replace the USD as de facto international reserve currency by virtue of ease of use.
[0]: https://www.npr.org/2020/01/13/795988512/china-to-test-digital-currency-could-it-end-up-challenging-the-dollar-globally https://www.npr.org/2020/01/13/795988512/china-to-test-digit...
- nine_zeros 6y agoCan you summarize what the real advantage of digital currencies are? What does it enable that the current system doesn't?
- throwaway743 6y agoAdvantage for governments is more control. For citizens, not much. Should the virus be around during this push, it'll be promoted as a "safer alternative" to physical cash.
- nine_zeros 6y agoHow is there more control for government? Just that it cannot be printed into currency? Because even now, most wealth is in banks and government can freeze them when they want to.