Let the Market Come Up With Better Monetary Technology

China has already closed the door on private, market‐​based cryptocurrencies to protect the state’s stake in creating a central bank digital currency (CBDC). There is little doubt that eventually all major central banks will create their own digital currencies. The question is whether governments will allow private digital currencies to emerge and compete with these official digital media of exchange, or follow in China’s footsteps by banning private, market‐​based substitutes. Read Full Article »