(Kitco News) The recent trend taking over the currency world is CBDCs — central bank digital currencies. And with many countries looking to adopt their own versions, sovereign currencies will be the only option looked at, not new technologies acting as currencies, according to one expert on digital currencies.
Contrary to what many say, money is more of a legal doctrine, Jonathan Dharmapalan, CEO of eCurrency, told Kitco News. eCurrency provides technology for central banks to issue and distribute CBDCs.
"It's the law that makes currency; it's not necessarily tech. The laws of the United States say that the currency of the U.S. is the dollar. And then, it goes on to define how that dollar is created, how it's put into circulation, that it is legal tender, that it can be used to settle debts, and it's illegal to counterfeit. It is the base law of every country that creates currency," Dharmapalan said in the interview. "And when money becomes digital, that same base law will define...
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