The digital currencies that matter [paywall]

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The digital currencies that matter

https://www.economist.com/leaders/2021/05/08/the-digital-currencies-that-matter

Get ready for Fedcoin and the e-euro

The digital currencies that matter

It is this appeal, though, that creates dangers. Unconstrained, govcoins could fast become a dominant force in finance, particularly if network effects made it hard for people to opt out. They could destabilise banks, because if most people and firms stashed their cash at the central banks, lenders would have to find other sources of funding with which to back their loans.