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Asked On2022-02-03 16:05:32 by:ritik28

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Imagine a digital currency that is as easy to share as an Instagram story, or an e-payments platform as ubiquitous as smartphones. Would bank accounts become obsolete? Would monetary policy matter? These futuristic questions have become more salient as the number of digital coins and tokens grows. When these experimental constructs move from the sandbox to the high street, the ramifications—good and bad—will be profound.

Digital currencies, issued and maintained using blockchain and distributed digital ledgers, could overturn how individuals and organizations transact value, eliminating the need for costly payments intermediaries, ensuring greater price stability, and reducing counterparty risk. A digital dollar, euro, or other digital tender could democratize access to financial systems, allowing “unbanked” populations in poor or remote regions to buy, sell, save, and invest more easily than before.

Not all digital currencies are created equal, however. Some digital coins and tokens are likely to deliver only modest improvements to existing payments models, but others could challenge financial systems at their core. The commercial impacts can also vary, with some coins aimed at improving efficiency within a closed system and others aimed at gaining competitive advantage more broadly. The design of a currency and the ripple effects it may cause in society have bearing on its potential value and the risks it might pose for users and those charged with governing its use. For example, since digital currencies are often capped, liquidity risks could rise if there was no ability to mint additional coins.

Although questions remain, the first-mover advantage is likely to be significant. Should a major country, central bank, or consortium accelerate the launch and adoption of a particular currency, other countries and stakeholders would be pressed to follow with a strategic response of their own. While there is no single answer for all organizations, one thing is clear: public and private sector leaders need to begin planning now for the future of money.

An Emerging Digital Gold Rush

For years, digital currencies such as bitcoin were considered the preserve of black-market traders operating in the shadows of the dark web. Not anymore. Facebook’s planned launch of Libra is just the latest in a string of digital currency initiatives to be released by different businesses, banks, and consortia. (See Exhibit 1.) Far from eyeing digital currencies with skepticism, governments and central banks have also entered the arena, with many planning to introduce their own digital coins and tokens.

Answerd on:2022-02-22 Answerd By:Akhil-Dev-D

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