Many observers are treating China’s plan for a central bank digital currency (CBDC) as a strictly progressive, technical move that other nations should emulate. The United States, in particular, is concerned that China already has a large head start, which may threaten the dollar’s dominance as a…
“Why should we not let people use freely what money they want to use? [They] ought to have the right to decide whether they want to buy or sell for francs, pounds, dollars, D-marks, or ounces of gold. I have no objection to governments issuing money, but…
A couple months ago, in arguing that “The Fed should give everyone a bank account,” journalist Matt Yglesias cited what he took to be an instructive precedent: “Once upon a time, governments didn’t issue paper currency, and instead banknotes were printed privately by banks. But over time,…
(This editor's note is cross-posted from the Spring/Summer 2021 edition of the Cato Journal.) In 1996, Cato held its 14th Annual Monetary Conference, “The Future of Money in the Information Age.” The proceedings, along with additional essays, appeared in a book with the same title in 1997. …
The answer depends on what you mean. Succeeded at what? With the US dollar price of Bitcoin reaching an all-time high above $23,000 this month, and its market cap reaching an all-time high above $400 billion, there has been much celebration among Bitcoin holders about their success…