Will A Digital Dollar Make the Financial System More Equitable?

in #crypto4 months ago

Linda Jeng, global head of policy and special counsel and Patrick Murck, chief legal officer of Transparent Systems, developers of distributed settlement solutions have opined in Coindesk that a digital dollar should be created in such a way that will eliminate the inequality of the wealth distribution.

But they note that the current proposal in congress is nothing more than maintaining the status quo in digital form. Even the new proposals, like Libra initiated by centralized Facebook, do not address the issue of equitable and inclusive wealth distribution.

They note "how These discussions are neglecting how technology design often reinforces the status quo and the gaps between the haves and the have-nots of America. Digital dollar efforts need to be intentional about how their designs leverage actual innovation in a way that helps bridge these gaps if our goal is to foster a more equitable and inclusive national economy."

"community-based ownership would allow the economic gains of the network to be equitably shared and not reserved for those who have access to capital and connections."

I believe that governments and centralized entities will make sure that the status quo is maintained as long as possible. It is up to the decentralized or partially decentralized organizations like Hive to turn the status quo into an equitable and inclusive wealth distribution system.

Source credit: https://www.coindesk.com/how-a-digital-dollar-can-make-the-financial-system-more-equitable

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