As digital currencies evolve, the balance between public and private money has raised questions of sovereignty for the United States, putting the State at risk of ceding monetary control and, therefore, power to both private actors and foreign states. Volume XLIX staff editor Caroline Packard analyzes how U.S. policy favoring private Stablecoins and prohibiting a retail Central Bank Digital Currency may undermine the nation’s monetary control, contrasting this approach with the European Central Bank’s efforts to safeguard Europe’s sovereignty through a retail CDBC and accompanying regulations.
Read More