Could digital currencies end banking as we know it? The future of money - The Conversation

This comprehensive analysis by The Conversation explores the evolving battle over monetary control in the digital age, examining how governments worldwide are reshaping the future of money through cryptocurrencies and central bank digital currencies.

The article traces the historical pattern of state control over currency from ancient Rome to today's digital transformation. With Trump's establishment of a Strategic Bitcoin Reserve and growing global adoption of central bank digital currencies (CBDCs), traditional monetary systems face unprecedented challenges. Countries like China are advancing digital yuan pilots while the US debates crypto integration versus Federal Reserve authority.

• Historical context: Money has always been a tool of governance, from Roman coin debasement to modern central banking systems
• Digital disruption: Trump's bitcoin reserve signals a shift toward crypto-state hybrid systems, potentially sidelining traditional central banks
• Global competition: Nations are developing CBDCs to reduce dollar dependence and maintain monetary sovereignty in international trade
• Privacy concerns: Critics warn CBDCs could enable unprecedented government surveillance and programmable spending controls, raising questions about financial freedom

The piece examines both the efficiency promises and authoritarian risks of digital currencies, highlighting how technological choices in money design will shape economic freedom, privacy rights, and democratic oversight in the coming decades.