The future of digital currency

Published by the House Financial Services Committee.

“There is no doubt that the digitalization of financial transactions, records, access to information, and communication will continue to increase, and that the electronic networks underlying the activity continue to grow more intense and omnipresent. But the fundamental nature of money, it seems to me, will not change… It is clear that having a fiat currency is far too precious and profitable for governments for them ever to go back to a government currency backed and convertible into actual assets, whether gold coins or otherwise… An increase of the monopoly power of central banks, which already have too much, should be avoided.” – Alex J. Pollock, Distinguished Senior Fellow, R Street Institute