For the trader, the draft abortion decision presents an important privacy narrative …

Our focus is primarily on the trader for trade or exchange of value.  Trade is the only reason humans bother with each other.  From the first engagement between one another we have come up with rules for settling our trades, for being transparent, for injecting trust into the markets.  An abortion decision would seem distant from this concept.  But is it?

The Constitution is a conservative document. The Constitution says nothing about abortion, nor does it provide for the federal government to involve itself in private decisions.  The irony is that those who allegedly want abortion to remain a private matter are asking the ultimate intruder to regulate in this area.  Abortion regulation is another mechanism for government expansion particularly where privacy is concerned. 

For example, I read Roe v. Wade before parsing through the U.S. Supreme Court’s draft opinion in Dobbs. I took this order in reading the opinions to avoid any taint from Justice Alito’s opinion.  My conclusion was that Roe is legal analytical trash.  After reading Roe and reading Alito’s opinion, I had to say that I was mostly in agreement with him.

The pains that the court in Roe went through to create a privacy doctrine that is not supported by the Constitution only to see the opinion sliced and diced by the legal reasoning in Dobbs and the analysis of the U.S. Constitution looked straight out of a horror movie. There is no explicit protection of privacy in the Constitution and in the narrower case it will be left up to state legislatures to guarantee it in their constitutions and/or define it in state law.

For the trader, especially the trader in crypto currencies where the concept of anonymity attracted her to that market, she has to ask, “Will this court’s attack on privacy provide more ammo for government’s attempts at looking at my trades?”

Government sees itself charged with managing all the resources in a country including human resources and maintaining that world view means piercing the veil of privacy.  I would not be surprised to see the courts take further action against privacy by reversing itself on a number of privacy cases that Roe was built on.  Traders should stay aware of this possibility that attacks on privacy could further cement threats to privacy in the markets.

 Alton Drew

6 May 2022

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CFTC chairman lays out priorities for managing commodity market and cryptocurrency risks during bursts in market activity…

Today, Commodity Futures Trading Commission chair Rostin Behnam delivered remarks at the FIA Boca 2022 International Futures Industry Conference where he described the CFTC’s priorities for managing commodities markets through what he describes as bursts in market activity.  These bursts, in some part due to technology-driven innovation in the markets, reflect the influence of monetary policy and global interconnectedness on markets.  Mr Behnam argued that market innovation emerges when there is a backdrop of regulatory reassurance.

Regulatory reassurance means the management of the risks that emerge from the bursts of transformative change in the markets.  Mr Behnam sees these risks being managed in one of two general ways.  Either the bursts themselves will have to be managed or the markets will have to get comfortable with the fallout from these risks.

Mr Behnam appears to prefer a middle-of-the-road approach by noting that policy priorities rest with core markets by achieving regulatory certainty and creating fail safe market mechanisms.

Two major policy tools stood out during Mr Behnam’s remarks.  First was an update on proposed rule making that addresses risk governance for derivatives clearing organizations.  DCOs arrange or provide on a multilateral basis for the settlement or netting of obligations.

Second, Mr Behnam wants Congress to pass legislation that gives the CFTC authority to develop a regulatory framework for the cash digital asset commodity market.  Mr Behnam noted his support of President Joe Biden’s executive order calling for coordination by financial regulatory bodies to create a framework for ensuring consumer and investor protection in the cryptocurrency market.

What is missing from Mr Behnam’s consumer/investor protection narrative is the portion that discusses government securing its legal tender turf.  While the government’s position as source of the nation’s circulating currency is not under immediate threat, the federal government’s concern has often been dressed in the rhetoric of financial stability or economic growth.  I believe market makers in the cryptocurrency trade are already mindful of this but earlier predictions about increased scrutiny are taking fruit.

Alton Drew

16.03.2022     

The Narrative: Joe Biden attempts to protect the US dollar

Yesterday, President Joe Biden issued an executive order regarding cryptocurrencies.  To summarize the order, Mr Biden has asked heads of politically independent agencies like the Board of Governors of the Federal Reserve System and Federal Deposit Insurance Commission, etc., and ordered heads of certain cabinet agencies, like the Secretary of the US Treasury, to take a closer look at the impact of cryptocurrency design and deployment on six areas:

1.Consumer and investor protection;

2. Financial stability;

3. Illicit finance;

4. U.S. leadership in the global financial system and the country’s economic competitiveness;

5.Financial inclusion of marginalized consumer groups; and

6. Responsible technology innovation.

This is at least the spoken narrative, what I refer to as the “Madison Avenue” narrative; one that is designed persuade the electorate to come onboard with the President’s agenda.  The electorate plays a crucial role as the political actor providing the primary source of votes every two years.  A president’s primary power is that of persuasion and his message has to either win additional votes or at least secure the votes he has going into a general election.

I was taken aback not only by the executive order’s length but also by how weak a platform it provides for future political, policy, and legal action.  From the political perspective, it fails to counter any arguments from the opposition.  For example, Mr Biden makes nary an attempt to clearly address the philosophy of crypto proponents. 

Proponents, especially bitcoin users, will tell you till blue in the face that using crypto is about wealth preservation.  They see the US dollar as declining in wealth protection and spending value because of ineffective monetary and fiscal policies that have done nothing but send the dollar on a decline for the last fifty years. With a significant amount of the dollars printed by the central bank over the last forty or so years being printed in the last 24 months, proponents of bitcoin use believe they have a base case for seeking an alternative method for medium of exchange, store of value, and account of wealth.

Currency is about trust and according to the President’s own statistics, 16% of the nation is exhibiting some degree of trust in crypto as a payment system and store of wealth versus the dollar.

Mr Biden could have scored more points in the direct and honest department with a concise narrative bluntly stating that cryptocurrency is a clear and present danger to the US monopoly on the payment system that is used to sustain commercial transactions and collect taxes.  This “Power Narrative” would better capture western philosophy: that the world is a place divided up in order to generate yield and the energy derived from dividing up and extracting from the environment is best captured and transferred in our current system of money and to maintain an orderly transfer of “monetary energy”, there can only be one issuer of the money: government.  Unfortunately, such a brazen power narrative would not go over well with the electorate, thus forcing Mr Biden to throw in the usual feel-good concepts like “consumer and investor” protection.

Traders who want to include bitcoin in their portfolios when collateralizing loans should expect Mr Biden’s executive order to act as a green light for regulators seeking to increase their scrutiny of digital assets.  Traders should also expect continued litigation over the use of digital assets.

In the short run as political narrative, Mr Biden’s executive order is a major fail.  Sure, 16% of Americans may take an interest in the government’s approach to bitcoin, but as political narrative that should be designed to win votes, this executive order does not cut it.  Most Americans are concerned about inflation and how their wages are being eaten into by increasing prices.   

Alton Drew

10.03.2022

For consultation on how this political or legal event impacts your foreign exchange trade, request an appointment at altondrew@altondrew.com.

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Disclaimer: The above is provided for informational purposes and should not be construed as financial or legal advice or as creating an agreement to provide financial or legal advice.

What could bitcoin represent to the Eastern Caribbean trader? Actual underlying trust and societal efficiencies …

If I traded a bitcoin for an Eastern Caribbean dollar, I would receive, according to data from OANDA, EC118,665. (Forgive me for using “EC” versus “XCD”. I am old school). If I then attempt to transact business in the United States or Europe, what could that bitcoin buy for me?

According to the website Decrypt, there are a growing number of vendors that accept bitcoin in exchange for their products. The categories include:

Used automobiles;

Private aircraft;

Houses;

Real estate investment trusts;

High-fashion clothing;

Restaurant food;

Virtual private networks and web services;

Booking hotels and flights; or

Commodities (gold, silver, platinum, etc.).

To profit from the aforementioned trade, I would wish to purchase goods and services that I would not be able to get in the Eastern Caribbean; purchase items at a cost lower than what I would face in the Eastern Caribbean; or, at the end of the day, convert that bitcoin into EC greater than EC118,665.

More importantly, as an independent trader, I could finance directly trade that I enter into with vendors in countries that accept bitcoin as legal tender, such as El Salvador. Rather than going to a bank and converting my EC for El Salvador’s colon, I could pay an El Salvador vendor directly with bitcoin, the country’s other legal tender.

Bitcoin could represent greater efficiency in trade between countries by turning a trader with the financial wherewithal into a “mini-bank.” The value of the currency he uses for trade, bitcoin or some other crypto, would be based on the underlying value of his services, goods, or knowledge, rather than on the general good faith and trust underlying fiat currencies. Blockchain ledger characteristics aside, a cryptocurrency capturing the trader’s reputation, insights, knowledge would go a much longer way with me where I can put together and engage with my own mini-community of traders in the goods and services I listed above. I could put together a community of actual producers and deal efficiently and directly with them, cutting out unnecessary middlemen along the way.

Could society benefit from such direct-financed trade? I think yes, particularly where cost savings flow to retailers and end-users. Eastern Caribbean traders should explore this model.

Alton Drew

02.17.2022

Chipping away at government’s currency monopoly status … and MMT does not help.

Modern monetary theory appears to convey on money the characteristics of a utility.  Under MMT, as monopoly issuers of money, governments and central banks can print as much money as they want without considering the implications from deficits or inflation, and if inflation is a concern, it can be offset with increases in taxes.

An unregulated, natural monopoly can get away with manipulating the supply of its product by freely changing the price for its output.  It can reduce the price of its output when it observes a competitive threat in the form of a new firm attempting to enter the utility’s market and when the new entrant is vanquished, it can then raise its prices to take advantage of customers captured in the emboldened single-provider market.

Bank trading desks input central bank overnight rates and discount window rates into their exchange rates for reselling currency and while they expend resources forecasting a central bank’s next policy rate move, they are apparently beholden to central bank decisions over which they have little to no say.

I can imagine that indirectly bank trading desks via their local reserve banks convey messages to the Federal Reserve that the current state of the economy may call for rates to move in a particular direction.  How much influence they may have I cannot provide any definitive answers to that question.

If anything, it does not appear that modern monetary theory is concerned about introducing a competitive component into the money monopoly held by the government and the central bank.  MMT is in part a tactic for buying votes from the electorate.  The more money that can be printed, the more goodies that government can purchase in order to sway votes to a particular party.  But going back to its utility component, the question how can we make the monopoly market on money more competitive could be raised.

For example, if cryptocurrency proponents were really serious about crypto being a technology that facilitates banking for the underserved, there would be as intense an effort to build an underlying political economy that networks the agricultural, transportation, electric/water/gas utilities, and service sectors such that there is significant use of crypto to buy and sell services. 

While this network is being established, crypto proponents should also work diligently on protecting the interchangeability of crypto with the current legal tender in order to maintain compliance with the tax payment requirements of the government.  While the federal government may be the sole collector of national taxes, the primary aim of crypto proponents should be to provide a viable alternative to the federal government as a national currency issuer.  

What could a viable alternative currency issuer look like? They could look like Archer Midland Daniels, Delta Air Lines, or Amazon.  They would be individual large suppliers of platforms that are already used to exchange goods, services, or ideas.  These individual platforms could interconnect in order to increase the value of their offerings and the currency (tokens) that ride on top of their platforms.  Their major issue would be to coordinate with government regarding a legal framework that allows for one-to-one interchangeability of their “currency” with that of the federal government.  

 Alton Drew

29.11.2021

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Disclaimer: The above is provided for informational purposes and should not be construed as financial or legal advice or as creating an agreement to provide financial or legal advice.

Interbank Market News Scan: The crypto-digital world finds the fiat currency worthless …

30 July 2021

The Takeaway: The crypto-digital world finds the fiat currency worthless …

The past couple posts I have been harping on whether Amazon or Facebook can create a viable digital nation-state.  Right now, I am putting Amazon in lead, but if Facebook can create a more viable transactions-based economy rather than relying on being a pure private data aggregator and reseller, then Facebook may have the potential in the longer run to rival Amazon.

For now, occupants of the digital world are not placing any crypto-monetary value on fiat currencies.  I don’t see this no-value perspective changing any time soon on the part of digital world residents.  For example, according to OANDA data from twelve months ago, USD/ETH was priced at .0031.  Today, the price of USD/ETH is at .0004.  I believe the more closed-loop the digital world can remain, the less the digital world’s demand for fiat currency. 

Holders of cryptocurrency are still interested in holding crypto as an asset versus a medium of exchange for trade even though the rhetoric is quick to describe crypto as a payment system as well. Examples of commercial entities accepting crypto as payment should be discounted by the preference for holding crypto as an asset versus medium of exchange.

On the other hand, I am mindful that on a global basis crypto as a medium of exchange is creeping into consumer mindset with El Salvador’s decision to accept crypto as legal tender.  It is way too early to tell what degree of success crypto will see in the Central American nation.  In the meantime, public policy in the United States is to treat cryptocurrency as a digital asset and until the time comes where legacy nation-states view the digital world as a trade partner, USD/ETH and USD/BTC will be priced at zero for a while.

Alton Drew

For a consultation on any regulatory or legislative discussions or announcements, please reach out to us at altondrew@altondrew.com for information on consultation rates and to reserve an appointment.

Rates reported by the Federal Reserve (Release Date 29 July 2021)

Effective Fed Funds Rate: 0.10%

Discount Window:  0.25%

Prime Bank Rate: 3.25%

3-month Treasury bill: 0.05%

6-month Treasury bill: 0.05%

1-year Treasury bill: 0.07%

Prices

Exchange rates of interest as of 9:49 am EST

Currency pairExchange rate
AUD/USD*0.7371
EUR/USD*1.1884
GBP/USD*1.3965
USD/CAD*1.2434
USD/CHF*0.9061
USD/JPY*109.6500
USD/MXN*19.8480
USD/BTC+0.0000
USD/ETH+0.0004
Sources: *Reuters +OANDA

Interbank Market News Scan: France takes a closer look at Apple, Google as payment systems, platforms …

Foreign currency exchange rates of interest …

Currency PairsRates as of 10:28 am EST 28 April 2021Rates as of 9:13 am EST 29 April 2021Increase/decrease in pips
EUR/USD1.18771.1877No change
GBP/USD1.38961.3831-65
USD/CAD1.25461.2551+5
AUD/USD0.76130.7625+12
USD/JPY110.6250110.0830-5,420
USD/NOK8.51948.5035-159
USD/CHF0.92950.9135-160
USD/SEK8.71668.7177+11
USD/MEX20.257120.2571No change
USD/XCD2.70002.7000No change
USD/JMD147.1020145.180-19,220
USD/DOP56.157556.1575No change
USD/HTG79.338283.8141+44,759
USD/BSD1.00001.0000No change
Source: OANDA

News links you should be following …

Payment systems. The Bank of Thailand (BoT) and the Monetary Authority of Singapore (MAS) today launched the linkage of Thailand’s PromptPay and Singapore’s PayNow real-time retail payment systems. In a joint statement, the BoT and MAS said the linkage, the first of its kind globally, will enable customers of participating banks in Thailand and Singapore to transfer funds of up to S$1,000 or 25,000 baht daily across the two countries, using just a mobile number. Thailand, Singapore launch world’s first linkage of real-time payment systems | The Edge Markets

Payment systems. The launch of Saudi Arabia’s first instant payments system is another step towards the kingdom’s ambitious proposals to have a 70 percent cashless society as part of the Saudi’s Vision 2030, according to Takreem El-Tohamy, general manager, IBM Middle East and Africa. Saudi launches instant payment system in drive towards cashless society – Arabianbusiness

Payment systems. Embracing new payment rails, and enhancing the value of existing ones, remains a key part of promoting overall payment innovation. But as real-time payment networks proliferate, a new challenge is on the rise: enabling interoperability between these rails on both a domestic and international scale. Real-Time Payments Seek Interoperability | PYMNTS.com

Payment systems. Digital payment services developed by U.S. tech giants such as Apple and Alphabet’s Google risk reinforcing their market power by giving them greater sway over consumers’ data, France’s antitrust authority said on Thursday. French watchdog warns of big tech’s sway over payment services (yahoo.com)

Payment systems. The government is committed to implementing the electronic wages or “e-wages” system as soon as possible to ensure employees get paid in “real-time”, following the wake of the apparent suicide of a foreign worker several weeks ago over allegations of unpaid wages. HR minister vows e-wages system to ensure ’real-time’ payment, after employee’s death (msn.com)

Central banks. Cryptocurrencies aren’t going anywhere in the coming years, but their usage will probably decline when central bank digital currencies (CBDCs) are eventually rolled out, according to Deutsche Bank International Private Bank. Cryptocurrencies will survive the rise of central bank-backed digital coins, but their use will likely decline, Deutsche Bank says | Currency News | Financial and Business News | Markets Insider (businessinsider.com)

Central banks. Central bank digital cash could give new types of businesses access to ultra-cheap central bank funding and lessen the role of big banks in settling large transfers, a senior Bank of France official said on Thursday. Central bank e-cash could ‘challenge’ role of big banks, Bank of France says | Reuters

Cryptocurrency, ether, bitcoin. Ether hit an all-time high Thursday as bitcoin’s dominance of the cryptocurrency market declined. The world’s second-largest digital currency by market value surged to a fresh record of $2,774 Thursday morning, according to data from Coin Metrics. Bitcoin, the top digital coin, was slightly lower at a price of $54,471. Digital currency ether hits a record high, stealing bitcoin’s limelight (msn.com)

Interbank Market News Scan: Iran finds an end around on US sanctions by providing crypto an underlying economy…

Foreign exchange rates of interest ….

Currency PairsRates as of 4:46 pm EST 26 April 2021Rates as of 6:20 am EST 27 April 2021Increase/decrease in pips
EUR/USD1.18901.1897+7
GBP/USD1.38691.3855-14
USD/CAD1.25681.2568No change
AUD/USD0.76020.7613+11
USD/JPY110.5960110.6250+290
USD/NOK8.52458.5186-59
USD/CHF0.94170.9421+4
USD/SEK8.71778.7166-7
USD/MEX20.284420.2953+109
USD/XCD2.70002.7000No change
USD/JMD144.9940145.1800+1,860
USD/DOP56.316456.3164No change
USD/HTG79.085979.0859No change
USD/BSD1.00001.0000No change
Source: OANDA

News links you should be following …

Payment systems. The share of Russian exports settled in US dollars has dropped below 50%. The decline, recorded in the fourth quarter of 2020, reflects Moscow’s policy of cutting the Russian economy’s reliance on the greenback. Most Russian exports have now kicked reliance on US dollar as payment currency — RT Business News

Payment systems. Amazon is expanding its palm-scanning payment system to a Whole Foods store in Seattle, the company announced Wednesday, the first of many planned rollouts at other locations. Amazon will initially roll out Amazon One at the Whole Foods in Seattle’s Capitol Hill neighborhood, not far from the company’s headquarters, before launching the system at seven Seattle-area Whole Foods in coming months. Amazon is bringing palm-scanning payment system to Whole Foods stores (msn.com)

Payment systems. Business technology company Deluxe (DLX) has agreed to acquire First American Payment Systems for $960 million in cash, the company said in a statement. Deluxe believes that this deal will accelerate the company’s transformation into a leading payments technology company as part of its “One Deluxe” strategy. Deluxe To Buy First American Payment Systems For $960 Mln Cash | Nasdaq

Central banks, Riksbank. Sweden’s central bank kept monetary policy unchanged on Tuesday as expected, vowing to support the economy as long as needed amid uncertainty over the speed of recovery from the effects of the pandemic. Swedish central bank leaves policy unchanged amid COVID uncertainty | Nasdaq

Central banks, Central Bank of Iran. A developing strategy to mitigate the crippling effect of economic sanctions could see cryptocurrencies being used by Iranian firms to pay for imports such as raw materials and electronics. Iran is continuing to explore the potential use of cryptocurrency as a tool for mitigating the devastating impact of economic sanctions imposed by the United States.  Iran’s central bank says officially mined crypto can be used to pay for imports (cointelegraph.com)

Central banks, Riksbank. A period with inflation over the 2% target of the Swedish central bank would not be a big problem, Governor Stefan Ingves said on Tuesday after the central bank kept policy unchanged. Swedish c.bank’s Ingves says not big worry if inflation overshoots (msn.com)

Interbank market news scan: The United Kingdom moves closer to adopting a central bank digital currency; other news…

Links you should be following:

Central banks, Bank of England. The UK is ahead of the curve when it comes to digital currency adoption, according to new research. A report by PwC reveals the UK is fifth in the world when it comes to preparing for the adoption of a central digital currency although a consumer offer remains a while off yet. UK leads race across Europe to introduce interbank digital currency (msn.com)

Central banks, Central Bank of Nigeria. It is the norm to hear talks around the need for convergence in Nigeria’s foreign exchange (FX) markets. This implies that there is mispricing. Historically, this mispricing has always been between the parallel market rate, which trades at a premium to the CBN’s managed rates across different FX windows. Liquidity, price discovery in Nigeria’s FX market Opinion — The Guardian Nigeria News – Nigeria and World News

Central banks, Federal Reserve. Excess cash in the financial system has pressured overnight interest rates, in some instances pushing them negative, which, analysts said, could prompt the Federal Reserve to lift the short-term rates it manages. EXPLAINER-U.S. repo market flirts with negative rates as Fed seeks to absorb excess cash | Nasdaq

Central Banks, Central Bank of the Bahamas. The Bahamas and Cambodia rank as the two top central bank digital currencies. Bahamas Ranks First in CBDCs, China’s Digital Yuan Third: PwC Report – BeInCrypto

Central banks, Central Bank of India. The rupee advanced by 23 paise to 74.64 against the US dollar in opening trade on Tuesday, tracking weaker dollar against key rivals and a positive trend in the domestic equity market. Forex traders said the government’s decision to open COVID vaccination to all above 18 years from May 1 lifted investor sentiment. Rupee Rises 23 Paise to 74.64 Against US Dollar in Early Trade (msn.com)

The market is opening. The rates to start your day:

As of 8:59 am, Bloomberg reports that the three month yield on U.S. Treasurys is at 0.02% while the two-year comes in at .16%. The ten-year Treasurys are trading at 1.60% and 2.30%, respectively.

The Federal Funds rate, the rate at which banks lend to each other overnight in support of their reserve requirements, is at .07%, while the Fed Funds target rate is still at .25%. The prime lending rate is 3.25%.

The Opening Takeaway: I Expect the Federal Reserve, US Treasury to Pull the Trigger on Cryptocurrency.

Yesterday, the markets saw some pull back in shares for Coinbase (Nasdaq:COIN) with the cryptocurrency exchange closing yesterday at $332.75, down from a high of $409.62 back on 14 April. The pull back was reportedly expected among some analysts as some investors took a little cream off the top. From a market perspective, I was not impressed with the offering. In the end, Coinbase is a market exchange platform for cryptocurrency relying on transactional fees for its survival and maintaining credibility among market participants as an information finder and margin provider for traders.

How well Coinbase does is a direct function of how well cryptocurrency does. As long as cryptocurrency stays in its digital asset lane, it may need not worry about too much regulation. Should it dip its toe further into the currency lane, that is where bitcoin, ethereum, dogecoin, etc., may find themselves in a world of hurt.

A currency’s legitimacy comes from the “king.” The king airdrops the currency throughout his jurisdiction for the purpose of washing and compounding it through a jurisdiction’s merchants, producers, and consumers. The currency says a lot about the economic value of the king’s jurisdiction and to maintain the prevailing narrative the currency represents, the king must control or heavily influence its value and circulation. The decentralized financial mechanism that cryptocurrency survives on does not fit into the command and control scheme of the king.

So far the US Federal Reserve has been ambivalent about its view of cryptocurrency. The US Treasury has been a bit clearer about its view of cryptocurrency as a currency based on Janet Yellen’s concerns about cryptocurrency being used for nefarious activities such as money laundering and drug trafficking. Neither the Federal Reserve or the US Treasury has expressed their concerns based on the philosophical underpinnings of currency, but I believe that when it is time for the central bank and the Treasury Department to pull the public policy trigger, control of the currency will be the ultimate public policy rationale.

Countries such as The Bahamas and Cambodia (see the links above) are not waiting. In the interbank, foreign currency exchange world, The Bahamas and Cambodia are near non-existent, but in the digital space they are the leaders in issuing central bank digital currency, taking digital payments to the next level. Over 60 countries are experimenting with or planning deployment of central bank digital currencies where their fiat currencies are tethered to block chain digital technology. Critics argue the point that outside of the digital tethering, a central bank issued digital currency does not increase the value of the fiat currency much. Maybe.

Other than requiring more use out of your cellphone or apps on your desktop, a central bank bank-issued digital coin may seem like mere aesthetics, but what is being ignored is the increased control that the government and central banks can exercise over the currency. Taking it to the extreme, I can see a government requiring that all transactions conducted within its jurisdiction be done via its central bank-issued digital currency with the primary reason being ensuring the collection of taxes on these transactions while better monitoring nefarious activities. I can see such a move beginning in countries that place less emphasis on free markets or individual privacy. The US will hem and haw over such a move especially when it sees China doing it, but if digitisation puts China out further ahead then I can see the United States capitulating to the new digital reality.

As for bitcoin, ethereum, and other cryptocurrencies, they may end up staying in the digital asset space. Their calling card is built on decentralized finance and opaqueness. They won’t become universally used currency for the masses.