The international economy is beginning to fracture around the development of novel digital currencies and the human values that their systems represent. Since currencies represent a commonly accepted medium of exchange and can act as an enabler or disabler of economic relationships, they have the power to shape how the global economy functions.
The economic landscape today is evolving rapidly with the emergence of various fiat currencies, central bank digital currencies (CBDCs), and cryptocurrencies that each represent a set of goals or priorities set forth by the issuing body. For example, the US Dollar symbolizes globalization. Bitcoin represents hyper-globalization, with a focus on decentralization and a sprinkle of revolution. The Digital Yuan represents an attempt to track purchases, collect data on consumers, and disconnect a sizable portion of the global economy from the US Dollar... Continue Reading on Belfer Center.