Digital dollar uniting Western Hemisphere

Fine tuning sanctions to rogue regimes imposes challenges. Sanctioning governments for human rights violations, should ensure ways for ordinary citizens to still benefit by using the United States led international monetary system. Currently that is mostly not the case.

A digital dollar could be a step in solving this paradox. Facilitating economic activity for citizens of Latin American countries, who trust United States dollar more than our local currencies, may strengthen both monetary policy and considerations of adequate money supply.

China enjoys a First Mover Advantage; however, given to Venezuelan population alternative choices on competing CBDCs (eCNY or eUSD), we would overwhelmingly choose digital dollar as rule of law has been an outstanding feature of Western culture since Roman Empire.

Our regime increasingly depends on China and Russia. Continued US sanctions on the Venezuelan government have the unintended effect of affecting citizens, who might eventually choose convenience over readily available Chinese solutions, at the expense of our liberty or privacy.

Humanitarian aid approved by United States Federal Government is often diverted and seldom reaches its intended beneficiaries within Venezuela. Our population is well versed in smartphone applications and would easily make appropriate use of digital dollar transfer payments.

Latin America and Caribbean may be considered as a domestic American market, with common hemispheric interest. New Federal Reserve branches may be associated with existing national Central Banks. Our Central Bank Digital Currency would thus increase exposure, in sheer advantage to either Europe or China.

James Monroe, Fifth President of the United States, spoke in 1823 about doctrine of America to be for Americans. Next year 2023, our continent will conmemorate bicentennial of intended hemispheric union. Removing interference from China, Iran or Russia requires explicit common digital currency.

Rubén Rivero

Caracas, Venezuela

Los panas en isla Maraca Fotografía Johan León. 40 Grados Bajo el Sol