The writer is IMF chief economist

The global discussion on the future of money has been irreversibly altered in the six months since Facebook announced plans for a digital currency. While Libra’s own prospects have dimmed, major central banks are considering whether “public” digital currencies are needed to fill a gap in retail payment needs.

Some analysts suggest that the addition of private and central bank-backed digital currencies could provide the long expected but elusive shock that finally dislodges the US dollar from its decades-long dominance in global trade and finance. These technological advances could also become the ingredients for a “ synthetic hegemonic currency” — a digital basket of reserve currencies — as recently proposed by outgoing Bank of England governor Mark Carney.