The next shape of money: From banknotes to blockchain-based digital currency

Central banks are considering issuing their own digital currency, using distributed ledger technology. Is this a good move? How is this different from bitcoin and other cryptocurrencies issued by private institutions?

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I would contend that within a decade, many of us will routinely deal in digital currencies, given the strength and intensity of the economic forces unleashed by digital technologies.

Money, a medium of exchange, was a necessity-driven human invention long before the advent of written history. Imagine how inconvenient it would have been if you still had to barter for my horse with your grains.

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A version of this article appeared in the print edition of The Straits Times on August 19, 2020, with the headline The next shape of money: From banknotes to blockchain-based digital currency. Subscribe