| ID | 190287 |
| Title Proper | Updating Dollar Diplomacy: Leading on Digital Currency Standards |
| Language | ENG |
| Author | Marple, Tim |
| Summary / Abstract (Note) | Today, we enjoy the privilege of a global economy in which the design and use of government money is largely uncontested. But this status quo is not guaranteed. In fact, the stability of this consensus is in jeopardy amid the current transition to an increasingly digital economy, complete with digital currencies. Governments across the world are currently building their own digital fiat currencies, which are digital versions of existing government money, and some of these projects look radically different from today’s fiat paper money (e.g., the US dollar). Notably, the United States, a long-time skeptic of the race for government digital currencies, has recently entered the fray with promises to deliver a prototype design, which would establish the function and features of a digital dollar for feedback by individuals and organizations, through its research with the Massachusetts Institute of Technology (MIT).Footnote1 While governments are moving quickly to move from prototypes to final versions, little action yet exists at the most important frontier of this issue: coordinating standards and designs for digital currencies across countries. |
| `In' analytical Note | Washington Quarterly Vol. 44, No.4; Winter 2022: p.107-120 |
| Journal Source | Washington Quarterly Vol: 44 No 4 |