The writer is a professor at Cornell, senior fellow at Brookings and author of ‘The Future of Money’
The emergence of digital currencies, both private and official, is shaking up domestic and international finance. This will yield many benefits but some things will remain much the same. There are risks, too, with developing economies potentially finding themselves on the wrong side of a widening global financial divide.
Consider international payments, which are inherently complicated. They involve multiple currencies, payment systems operating on diverse protocols and institutions governed by varying regulations. So, cross-border payments tend to be slow, expensive and difficult to track in real time.
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