Digital currencies and their discontents
Digital currencies promise a brave new world of financial innovation. But let us not get carried away with the techno-optimism. These things are not just magic internet money—they come with a tangled web of risks, from eye-watering scams to dystopian surveillance features. Especially when central banks start sniffing around with programmable money and “policy precision”. Beneath the glossy marketing and breathless whitepapers lies a simple truth: digital currencies, while technically clever, may be socially and economically catastrophic if adopted blindly. This is about governments reengineering the monetary system with a fine-toothed comb and far too much enthusiasm. ...