Many countries are now trying to develop digital and crypto national currencies. While these initiatives are welcome I am personally of the opinion that this may be somewhat of an irrelevant effort, at least in the long term, because by their very nature digital currencies are internet-bound. Or at the very least it is very hard to picture one that would be successful in its adoption and not internet-bound. That alone decouples that currency from any individual nation and makes it an international medium of exchange. Which, especially for poor nations, is likely very helpful to the majority of their populations as it allows citizens to bypass local regulatory barriers in their interactions within the global economy - and those barriers tend to be rather onerous, specifically in poorer nations. Perhaps these digital currencies are a sort of last hurrah on the part of the elites - an attempt to prolong the influence they have traditionally had by way of local monetary control and regulation.
As it stands, Mexico is slated to introduce a digital peso by 2024. It would be interesting to see what that would look like. Personally, I wonder if something like HIVE or XRP wouldn't make a suitable candidate - if the objective were to further economic well-being of ordinary Mexican citizens many of whom have rather limited assets. It would seem a fast low- or no fee blockchain would be almost ideal for the purpose. But of course that would be outside of the purview of the Mexican authorities and elites.
Mexican president announces digital Peso release
Diana, Blockchain Today, 7 January 2022
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