It's 2028. Once-dominant sovereign currencies face intense competition. Meanwhile, someone is attacking the Fed's e-Gov platform. We dive into the mon

Into the Money-verse: Central Banks Under Siege in 2028

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2021-06-05 21:30:08

It's 2028. Once-dominant sovereign currencies face intense competition. Meanwhile, someone is attacking the Fed's e-Gov platform.

We dive into the money-verse again to imagine how the choices being made today will shape the future of money. Once dominant, sovereign currencies are facing increasing competition, from bitcoin to diem and beyond. It is true that private currencies, and bitcoin in particular, have so far failed to promote the monetary revolution many people expected.

If, however, governments and central banks can’t offer a sound version of the sovereign money for the digital age, their downfall could be tragic. Let’s catch a glimpse of Washington, D.C., in 2028 to explore how the money wars could play out.

On the outskirts of the capital, it’s possible to see drones dropping bags of money in the neighborhoods most affected by the latest cyberattack on the e-Gov platform. It isn’t clear yet if the attack came from a domestic rebel or a foreign foe. But with the e-Gov platform down, nobody can transfer digital dollars or even check their FedAccount balance.

When designing digital dollars, the government decided that FedAccounts shouldn’t offer an offline option. The concern was that people would finance domestic terrorism with an offline FedCoin that could be transferred from person to person without identification. Any project that involved anonymous transactions became a nonstarter after the second U.S. Capitol invasion.