Does America Need a Digital Dollar?, A Debate

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Summary

Since the creation of Bitcoin, the first open-source, digital currency, in 2008, the use of cryptocurrency has skyrocketed in use. Unlike traditional money, which is minted and regulated by a natio...

Since the creation of Bitcoin, the first open-source, digital currency, in 2008, the use of cryptocurrency has skyrocketed in use. Unlike traditional money, which is minted and regulated by a national government, cryptocurrency, or crypto, is unregulated and free of government oversight. Digital currency has become so popular that central banks in more than 80 countries have begun the process of gearing their monetary systems in that direction. Supporters applaud this trend and want the United States to adopt a digital dollar. Such a move, they argue, would modernize banking and serve as a check against the growth of crypto. It would also, they contend, create a safe, new means of exchange, help "unbanked" Americans gain access to the digital economy, and ensure that the dollar retains its preferred global standing. Opponents, however, caution that digital currency is fraught with problems and subject to wild fluctuations in value. A digital dollar, they argue, would be risky, liable to hacking and privacy breaches, and give federal regulators unprecedented access to personal bank accounts. Does America need a digital dollar? Audio only.

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