The Citizens' Ledger: Digitizing Our Money, Democratizing Our Finance

This book explores the potential of crypto-currency and digital payments platforms to transform finance in destabilizing and anti-democratic ways, and proposes that the US and other democratic commercial societies must democratically digitize their currencies, national payments systems, and authorities.

Format: Paperback / softback
Length: 201 pages
Publication date: 06 July 2022
Publisher: Springer Nature Switzerland AG

This groundbreaking book is a pioneering exploration into the forefront of several rapidly evolving and interconnected domains that have captured the attention of global headlines, including crypto-currency, digital payment platforms, 'fintech,' and central bank digital currencies (CBDCs). As crypto and fintech continue to pose significant threats to the stability and democratic nature of finance, with China and other nations embracing CBDCs that render the US dollar and national payment infrastructure obsolete, this book offers a comprehensive analysis of why the US and other democratic commercial societies must urgently embark on the democratic digitization of their currencies, national payments systems, and the authorities responsible for their issuance and administration.

In the United States, this critical endeavor falls under the purview of the Federal Reserve System (the Fed). Recognizing the need for a democratic and inclusive approach to currency digitization, the book delves into the intricacies of how the Fed can leverage its expertise and authority to ensure that the process is transparent, accountable, and resistant to potential threats. It explores the potential benefits of digital currencies, such as increased efficiency, reduced costs, and enhanced financial inclusion, while also addressing the challenges and risks associated with such transformations.

Furthermore, the book emphasizes the importance of engaging with stakeholders, including consumers, businesses, and policymakers, to ensure that the digitization of currency and payments systems aligns with their needs and values. It advocates for a collaborative approach that involves the development of robust regulations, the promotion of digital literacy, and the protection of individual privacy and security.

By examining the historical context, technological advancements, and policy considerations involved in currency digitization, this book provides valuable insights into the future of finance and the role that democratic societies can play in shaping it. It serves as a call to action for policymakers, industry leaders, and citizens alike to embrace the digital revolution while ensuring that it is guided by democratic principles and values.

In conclusion, this groundbreaking book is a must-read for anyone interested in understanding the implications of crypto-currency, digital payment platforms, fintech, and CBDCs on the future of finance and democracy. It offers a comprehensive and insightful analysis of the challenges and opportunities that lie ahead, and provides actionable recommendations for how the US and other democratic societies can navigate this transformative landscape.

Weight: 350g
Dimension: 154 x 233 x 17 (mm)
ISBN-13: 9783030995652
Edition number: 1st ed. 2022