General Views on the Nature of Digital Currencies
Towards a General Understanding of Digital Currencies This post is the first in a series in which I hope to explore the nature of digital currencies. In this post I will provide a general overview of digital currencies. In future posts I hope to explore central bank digital currencies and the economic, governance and social consequences resulting from central banks and financial systems adopting these currencies. The Brookings Institute published a post on May 21, 2018. The Title is : UP FRONT Digital currencies: Five big implications for central banks. The article was written by Vivien Lee and David Wessel. Lee and Wessel open their discussion with the observation that digital currencies are increasingly playing a role in the financial system. Potentially digital currencies can have profound impacts on these systems and the way central banks operate. In the light of this phenomena Lee and Wessel pose the following questions: “Will paper currency finally become obsolete...