• philluminati@lemmy.ml
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    1 year ago

    So the UK for instance has a central bank that can adjust interest rates, print money etc. Even for rich companies like the US with the Fed etc, these are important mechanisms. With people increasing using bank transfer instead of cash, there is a risk users or their banks can effectively remove themselves from that control, undermining the counties economy. For instance, UK users could adopt the digital Euro leaving the Bank of England with no tools and no power over its economy.