New York
Money is edging closer toward its biggest reinvention in centuries as central banks start to embrace the creation of digital currencies.
With modern technology and even the coronavirus facilitating a global shift toward cashless economies, and alternative concepts such as Bitcoin taking hold, monetary policy makers are acting to ensure they don’t fall behind.That might one day mean central banks could make currencies directly available electronically for people to spend with their smartphone, backed by the integrity of the state. Before that comes to pass, a power struggle will play out over the future of money, raising issues ranging from privacy to social equality and financial stability.—Gulf News
