Many major banks around the world are considering the launch of the digital currency campaign. This campaign will mark a turning point in the payments world, which has been dominated by coins for more than three thousand years. Most recently, the European Centre has launched a test process to produce a "digital euro", the results of which will be available by the middle of next year.
While the world has long relied on credit cards, abolished the process of trading in paper and coins, and then relied on card payment systems. such as: “Paypal” is the most famous in the world, but the use of digital payment methods has increased significantly since the spread of the Corona pandemic; which prompted many in the world to avoid touching banknotes by hand; To prevent transmission of the virus, they relied on traditional electronic payment cards.
This encouraged the acceleration of the digital currency, and many countries and companies accelerated only to apply this theory or prepare for it, and bitcoin has achieved wide fame in this field, while Facebook announced its intention to issue a similar currency.
However, as the Central Bank of Russia has announced, it is considering issuing a "digital ruble" in addition to the monetary ruble; Except to facilitate payments to individuals and companies. The bank added in a statement on its official website: "The ruble is only digital if it is applied; It will combine the advantages and characteristics of a monetary and non-monetary currency."
The question here is:
Will the US dollar's control over the world's financial markets weaken?
Economists and bankers differ on the idea, as the digital currencies, for example, Bitcoin, despite their success, are rapidly changing and fluctuating in their prices, which is not easy. which does not help its adoption of a unified currency for trading, compared to the US dollar, which loses its value year by year, but very slightly this matter is not reflected in global markets.
The challenges posed by the digital currency to central banks are multiple, as are the implications for the system other than financial, commercial banking, order, individuals, and society at large. However, there is no disputing that the future is destined for a digital world.