Private Vs. State-run digital currencies: which could replace the dollar?

Author David Birch says a number of digital assets will arise to challenge the dollar as the dominant world currency.

Listen to article According to David Birch, fintech guru and author of "The Currency Cold War", if the U.S. doesn't ramp up its efforts in the digital currency race, the global dominance of the dollar might soon be under threat.

Such a scenario could find central banks around the world launching their own digital currencies - Some of which could potentially challenge the dollar in cross border payments and global trade.

Birch feels it is unlikely that any of these competitors will replace the dollar as the world's dominant currency, however.

"Suppose there was an Islamic digital currency which had certain characteristics, not interest bearing or this kind of thing. There might be a billion people that want to use that currency."

In such a future, the government's control over money could be greatly diminished.

"There is a reason why we are not in the wild west anymore A better solution to society as a whole might not be unaccountable money."

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