World Central Banks Deliberate On The Future of Money

By Collins K O7 days ago

Think about it this way: It would be a mistake to think the internet won’t do to money the same thing its done to communications. When was the last time you wrote a letter, as opposed to sending a mail, [look also at] what it did to photography; when was the last time you took a photograph and had it developed as opposed to, just sending it somewhere… Look also, at what it did to music…I mean, when was the last time you played music on a cassette, as opposed to just listening [to music] on an mp3 or streaming via Spotify. Former chairman of the US Commodities Futures Trading Commission(CFTC), Christopher Giancarlo spoke some of those words in a special interview with Yahoo Financial Times, explaining the future of money for America and the progress of the journey so far.

According to Giancarlo, Digital currency is the future and the US is currently at the global forefront with over 80% of all central banks across the globe, especially G-20 nations, in the quest for creating digital versions of their currencies.

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Already, Chinas apex bank The Peoples Bank of China, appears to be trailing the blaze of the currency digitalization drive, having successfully rolled out the digital version of its Yuan which is currently gaining speculation momentum amongst its over 1 billion citizens.

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