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The Coming Currency War
Article

The Coming Currency War

Digital Money vs. the Dollar

Dave Michaels and Paul Vigna
The Wall Street Journal, 2019
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Iconoclasts of various stripes are drawn to private cryptocurrencies like bitcoin in the hope that their proliferation will undermine the importance and power of governments and central banks. But with the prevalence of e-transactions, public authorities are increasingly considering digital currencies of their own. Financial journalists Dave Michaels and Paul Vigna report that these new forms of cash are not only likely to subvert private cryptocurrencies, but they may also challenge the global dominance of the US dollar and set off digital currency wars. 

Summary

Central banks and governments are beginning to embrace the idea of digitized national currencies.

Part of the appeal of private cryptocurrencies like bitcoin is that they are decentralized and their value is not dependent on central banks or governments. Many of the advocates for private cryptocurrencies hope that these will disrupt the power that central banks wield over the global economy. But in a world dominated by e-transactions, central banks are increasingly drawn to issuing digital versions of their national currencies.

About the Authors

Dave Michaels and Paul Vigna are reporters for The Wall Street Journal.

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