The world's biggest central banks, including the People's Bank of China and U.S. Federal Reserve, are stepping up work on issuing digital cash, eyeing improvements to payment systems and looking to pre-empt the rise of cryptocurrencies. As Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power.

Discuss the issue while touching upon the following points (You may include other points than the ones listed below)

• The difference between digital currency and cryptocurrency
• Will the introduction the digital yuan affect the US Dollar dominance?
• Will you be in favor of issuing a digital Dinar?
• If GCC decide to issue a unified currency should they go with a fiat currency or a digital currency?