The Rise of Digital Currencies – Tech Companies vs Central Banks
The Bank of England, the European Central Bank, the Bank of Japan and others recently met to discuss the use of cryptocurrencies to create a central bank digital currency (CBDCs). In the meantime, Facebook is developing Libra, which will be integrated with the social network’s services, including Messenger and WhatsApp, to cross nations’ borders and potentially become a new currency heavyweight. How will this situation evolve? Will central banks remain relevant and continue to control currencies in the future?