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Read by
BCG
500 Startups
Used at top MBA programs including
Stanford Graduate School of Business
University of Chicago Booth School of Business
Wharton School of the University of Pennsylvania
Kellogg School of Management at Northwestern University
Summary
  • In a survey by the “central bank for central banks” (Bank of International Settlements), 80% of central banks were working on a digital currency in some capacity and 20% expected to issue a general-purpose one in the next 6 years.
  • Of the major economies, China is by far the closest to implementing a central bank digital currency (CBDC). After 5+ years, the Digital Currency/Electronic Payments (DCEP) – also known as the ”digital yuan” – is expected to be in circulation by the end of 2020.
  • While the near-term impact of central bank digital currencies may not be noticeable to the average consumer, the long-term vision is of near-instant, cheap payments around the world, opening up the global marketplace.
  • The advent of currencies like the digital yuan and Facebook-backed Libra pose a nascent but existential threat to the US’ ability to wield power on the global political stage through the US dollar – from sanctions to counter-terrorism to US dollar-denominated trade.
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