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advanced-economy central banks to accelerate their programs to provide broader-based retail digital currencies, and, one hopes, to strengthen their efforts to boost financial inclusion. But this battle is not simply over the profits from printing currency... Ultimately, it is over the state’s ability to regulate and tax the economy in general, and over the U.S. government’s ability to use the dollar’s global role to advance its international policy aims. The U.S. currently has financial sanctions in place against 12 countries. Turkey was briefly sanctioned in October after its invasion of Kurdish territory in Syria, though the measures were quickly lifted. For Russia, sanctions have been in place for five years. Just as technology has disrupted media, politics, and business, it is on the verge of disrupting America’s ability to leverage faith in its currency to pursue its broader national interests. Libra is probably not the answer to the coming disruption posed by government- sanctioned digital currencies from China and elsewhere. But if not, Western governments need to start thinking about their response now, before it is too late. © Project Syndicate
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Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University and recipient of the 2011 Deutsche Bank
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Prize in Financial Economics, was the chief economist of the International Monetary Fund from 2001 to 2003. He is co-author of This Time is Different: Eight Centuries of Financial Folly and author of The Curse of Cash .
American Consequences
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