Coronavirus: Case for Digital Money?
World Economics 21(1) (2020) 177-190
12 Pages Posted: 7 Aug 2020 Last revised: 20 Aug 2020
Date Written: March 14, 2020
We discuss the pros of adopting government-issued digital currencies as well as a supranational digital iCurrency. One such pro is to get rid of paper money (and coinage), a ubiquitous medium for spreading germs, as highlighted by the recent coronavirus outbreak. We set forth three policy recommendations for adapting mobile devices as new digital wallets, regulatory oversight of sovereign digital currencies and user data protection, and a supranational digital iCurrency for facilitating international digital monetary linkages.
Keywords: coronavirus, COVID-19, SARS-CoV-2, digital money, monetary system, cash, digital wallet, dollar, U.S., China, currency, cryptocurrency, cashless society, touchless technology, payment, policy, regulation, government, mobile device, transaction, data protection, exorbitant privilege, crisis, debt
JEL Classification: G00, G10, G13, G15, G18, G21, G23, G28, C22, E40, E42, E43, E50, E52, E58, F31, F33, F65, I10, I18
Suggested Citation: Suggested Citation