Bitcoin’s wild gyrations in 2021 have made sure of one thing: The future of money will be electronic, but it won’t remotely resemble a cyberpunk utopia. The mania and panic that have gripped decentralized cryptocurrencies are heightening the attraction of their coming rivals: digital cash, issued by central banks. These ledgers will only be held by a select group of intermediaries with the central bank’s permission. If cryptocurrency adoption is a headache for governments, an overwhelming popularity of digital cash could also be an issue. Digital cash with in-built, self-executing software code will alter the future of money in a way that cryptocurrencies never could.

Source: Mint May 24, 2021 23:48 UTC