Tesla billionaire and Twitter owner Elon Musk said he agrees with a prediction that could see all currencies backed by computer processors by 2030...
... [+]China's digital yuan—which exists only online, is managed and backed by China’s central bank and incorporates some elements of the same blockchain technology used by bitcoin—has been rolled to millions of people around the country and pushed the U.S. Federal Reserve and the European Union's European Central Bank to begin looking into how they can digitalize their own currencies.
Meanwhile, so-called stablecoins, a form of blockchain-based cryptocurrency pegged to one-to-one with traditional currencies such as the U.S. dollar, have seen their market capitalization rocket since they were first introduced 10 years ago amid surging demand. Some expect the general digitalization of currencies, driving trade and commerce online and giving central banks unprecedented oversight of how their currencies are used, to spur interest in cryptocurrencies such as bitcoin and ethereum.
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