Let's please get some things straight: (1) a digital Euro currency is not a "new monetary standard." Digital Euros are...Euros. (The Euro was new in 1999.) (2) Digital Euro currency is...currency--a retail exchange medium. It can't "unseat" the dollar. 1/5 https://twitter.com/DiMartinoBooth/status/1323069985036603392

"Currency," whether digital or paper, plays no important part in nt'l invoicing and payments or as a central bank reserve medium. Digital Euros suitable for those purposes have long existed. Digital Euro currency mostly a substitute for Euro paper notes and coin. 2/5

Some substitution with commercial bank Euro deposits is also possible. But that's pretty much it. All talk of how the ECB (or the Bank of China) will challenge the USD's international status by issuing CBDC, unless the Fed does the same, is stuff and nonsense. 3/5

There are valid arguments both for and against CBDC. But they all concern domestic monetary and banking issuers, not international ones. Mostly it's just a matter of central banks finally updating the horse-and-buggy retail P2P payments media they've stuck to for too long. 4/5

Had we not let central banks monopolize currency in the first place (history shows that commercial banks could manage the business quite well under certain conditions), competition would have led some time ago to the replacement of paper currency with digital substitutes. 5/5