Ninety-eight percent of the world’s countries are looking into digital versions of their own currencies, according to a study from think tank Atlantic Council, with more than half of them in advanced development, pilot or launch phases. The U.S., however, continues to fall behind.
Although President Joe Biden told officials to investigate a digital dollar in 2022, Federal Reserve chief Jerome Powell has said, “nothing like that is remotely close to happening.” With the exception of Argentina, however, All other G20 countries are in one of those farther-along stages.
Advocates for digital currency say that it will provide an alternative to physical cash, as well as allow new functionality. Opponents believe it increases the potential for government snooping.
The Atlantic Council’s Josh Lipsky said that the U.S. could lose some of its global financial authority if other countries continue to advance while setting new standards over Central Bank Digital Currencies.
