[41] In this hypothetical world, policymakers would successfully coordinate across borders to ensure that global private payment system providers fully comply with key policy priorities. At one extreme, cooperation would cut across continents and lay the ground for the rise of a truly global private digital currency. This would be a long way to go.
Today, even networks such as Facebook, Amazon or Alipay remain confined to geographical blocks, and this is before a discussion on regulatory aspects around payment systems has even started. More conceivable are therefore digital regional currency areas. Given the already high degree of regulatory and economic convergence, Europe is certainly best placed to advance here. But others might follow.