Sovereign vs Digital Currency

The Australian published an interesting opinion piece from Niall Ferguson of the The Hoover Institution, Stanford University on the rise of digital currency, particularly in China and the threat to US dominance.

Mr Ferguson's comment is that the shortest path for the US to rival the Chinese digital payment space is Libra "uniquely positioned to create something on the Chinese scale - and fast".

The next few months may lay the groundwork for the ultimate dominance of digital payments globally, as the network effects of a large enough payment system using something with greater decentralisation than the current system (noting Libra and the Chinese government's planned currency are not true permissionless systems) should be significant.

Nicholas Giurietto Stephen Moss Simon Harman Andrea Beatty Chelsea Payne Tom Skevington @Louisa Xu 王莎莎 Joshua Annese Richard "Dickie" McCarthy Karen Cohen William Wong

#Blockchain #digitalcurrency