Digital money can vastly increase efficiency through greater speed and reductions in transaction costs, and since it’s not issued by the government but rather ruled by an algorithm, it may be more inclusive and less affected by political considerations. Governments are eager to position themselves for the next stage of the digital revolution in financial services by issuing central bank digital currencies. The stakes are especially high in the case of global currencies, such as the dollar, the euro and pound sterling, which do not want to lose status to other fiat currencies, such as the renminbi.