Digital Currencies: the US, China, and the World at a Crossroads

Central bank digital currencies have taken flight globally, and China is boldly leading the way.  How will China’s digital currency, the e-CNY, serve the political and economic agenda of China’s authoritarian government? What are its implications for the world economy, international security, and the leading role of the United States in global payments and finance?  How should the United States respond?

To answer these questions, the Hoover Institution brought together experts in national security, finance, economics, central banking, technology policy, and computer science. This report presents the findings and proposes a pathway toward revitalizing US financial leadership on the international stage in the digital age.