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It’s fun to watch young children learn to handle cash by buying an ice cream and giving us back the chance. But there will be nothing adorable about being surrounded by machines that need equally patient hand-holding when it comes to using money, like making sure our refrigerator stocks up the right vegetables in the correct quantities before it pays the delivery robot.
Doing this every day with each of our 15 online devices will mean we do nothing else in our internet-of-things future.
The conventional financial system will be of little help. Banks can clear fast payments. With the backing of the legal system, intermediaries can make our appliances honor and enforce obligations. However, when it comes to making payments that are contingent upon the delivery of a product, service or asset, the existing technology will become overwhelmed when everything gets connected.
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That’s where smart, or programmable, money comes in. Lines of cryptographic code, running on a distributed ledger technology such as the Ethereum blockchain, will calculate the right payment amount, and come embedded with conditions for a transfer of value from one party to another. The money itself will contain these capabilities, and we don’t need to look very far to see who will make it available to us.
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The Bahamian Sand Dollar was the world’s first digital currency issued by a central bank, though it won’t be alone for long. From China to Sweden, authorities are preparing to offer electronic cash. Britain has set up a task force to explore a Britcoin. If it goes ahead, a digital euro and an American FedCoin won’t be far behind.
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A twofold wariness is driving this experimentation. Some central banks fear the rising influence of cryptocurrencies like Bitcoin; others fret about the growing ..
The short answer: Ask your future car. The real utility of a central bank digital currency may be realized when one internet-enabled machine pays another, without having to ask us for permission every time.
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At present, we think of the money we move from a savings account to a digital wallet as cash, even though the dollars, pounds or yen being spent are the liability of the wallet operator. It’s the sovereign’s job to clear the operator’s — or its bank’s — IOUs. The monetary authority performs that function by debiting one account and crediting another. That’s when the transaction that we began by paying someone digitally is permanently settled. With official digital cash, the liability for the mon ..