This is too complicated a question. Dollar is an international currency, and the driving force of dollar digitization may come from both the United States and the world. It could come from both the regulatory authorities and the regulated institutions; It could be a financial institution or a non-financial institution. There are two key points: to establish and operate the network digital DOLLAR account system; Can effectively obtain abundant bank dollar positions.
If these two conditions can be met at the same time, the digitalization of the dollar can be promoted.
In the global monetary system, dollar digitization is only a “partial” phenomenon at most at present, and the basic driving force that determines its expansion is demand, especially the “demand” that cannot be satisfied under the existing bank dollar system but may be realized under the condition of digital dollar.
The real drivers of dollar digitisation are not technological ideas and their developers, not willing regulators, not interested stakeholders. Ultimately, the fundamental force that determines the digitalization of the dollar is the “demand” generated by the development of the real digital economy. That is to say, it is not enough to drive the digitalization of the dollar by merely relying on the digital substitution of the old demand, but must explore the new demand of the digital economy to realize it.
From the perspective of the development of the digital economy of the United States itself, the power of dollar digitalization is insufficient, or the power of bank dollar is strong enough to be shaken by digitalization. It seems that crypto assets or digital asset transactions are the only real force driving dollar digitalization. This is also the purpose of the Office of the Comptroller of the Currency to promote the commercial custody of crypto assets.
From the international perspective, there are two main positions of regulatory authorities or financial systems on the possible impact of dollar digitization :(1) dollar digitization is only a probable impact, rather than a realistic effect and influence, and it is difficult to make an effective judgment and evaluation; (2) The digital dollar is either an option to get rid of the bank dollar constraint, or a tool to strengthen the international position of the dollar, depending on the circumstances of the vehicle carrying the digital dollar.
Generally speaking, the local and international sources of DOLLAR digitalization are taking shape. Comparatively, it mainly depends on the overall process of the local digitalization in the United States. The innovative attempts of dollar digitalization in the world are mainly cryptocurrencies or staboins, which are still scattered and trivial and not enough to converge into a trend.