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The future of digital currency

Rob Haynes takes a look at what is in the stars for emerging cryptocurrencies such as Libra, and considers the finance industry

FS Focus Dec 19 image NewsWhen is a currency not a currency? This question was asked of the euro some 20 years ago by macroeconomists. It was argued that structural differences in the economies that use it meant that it was prone to failure. A central bank setting policy for 19 states?

Nearly two decades later, the debate about cryptocurrencies feels like déjà vu. In place of concerns about tying together economies through a standard medium of exchange, today’s grievance is the very purpose of cryptocurrencies, and by extension, traditional money. In a globalised world, is a network of central banks the optimal means of supporting international trade? And if not, can a cryptocurrency do it better?

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