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Alternative Market Briefing

Digital fiat currencies are coming, but they won't sideline Bitcoin

Tuesday, January 28, 2020

Bailey McCann, Opalesque New York:

More governments are considering digital fiat currencies. However, none of them are fully developed yet. Delegates at the recent Opalesque Miami Roundtable offered their ideas about where digital fiat currencies might pop up first and whether they will succeed.

"I believe the US is going to have digital currency quicker than we think," said Gregory Keough, Founder of Blockchain Credit Partners. "They will need to do it because they have to inflate out of the debt."

Keough argues that negative interest rates will force the US into digital currency as financial engineering comes to an end. "It's going to be a killer app for government," he says. "They are going to know who has it, when they have it, where they moved it, how you tax it, it's like the ultimate bad thing and they are going to have to do it because it's the only way out of the immense global debt situation."

Keough notes that China has also spent a lot of time on a workable digital currency. Alipay already provides an infrastructure that could be adaptable for some type of digital currency, for example.

Gary R Markham, CEO of aXpire echoes Keough's comments on China and adds that India is also headed down a similar path. Although India's efforts to shift its significant unbanked population over to banking and payments services has been bumpy, Markham thinks the country is playing the long game and will eventually move to a more sophisticated digital f......................

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