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A digital American currency in our pockets; technological innovation or threat to the national economy...
At a time when the global dominance of the US dollar is being questioned by rising US debt, trade wars and the rise of rival powers, Washington has found a new ally to maintain monetary supremacy: dollar-pegged digital currencies, known as stablecoins.
The latest proposal in the US Congress, called the “GENIUS Act”, aims to create a favorable framework for the licensing and supervision of dollar-backed stablecoins. According to supporters, this initiative will make it easier for financial companies to issue stable digital currencies, convertible at any time into physical or digital dollars. Ideally, this would strengthen the global use of the dollar in the digital age.
But this is where the biggest dilemmas arise. Are these coins really safe? Can we trust that behind every stablecoin lies a liquid and secure reserve? In case of panic, who will cover the deficit if thousands of users withdraw simultaneously?
Beyond the technical side, the problem is deeply political. If a dollar-backed stablecoin starts to be used massively in countries with fragile economies, including our region, what happens to that country's monetary policy?
Will interest rates, inflation control, or the power of the central bank itself make sense anymore?
If people start saving, paying, and investing through foreign stablecoins, then the state's financial sovereignty will practically evaporate.
Europe, aware of this risk, has reacted through the MiCA regulation, which sets strict criteria for the issuance of digital assets and restricts the use of foreign stablecoins without EU authorization.
What about Albania? What about Kosovo? Are our institutions ready to face this wave?
So far, no one has a concrete plan for how stablecoins will be handled in the Albanian space.
The Bank of Albania has experimented with payment technologies, but has not issued any position on regulating foreign digital currencies. This lack of action could turn into a major risk, especially if citizens start using these tools massively outside the legal framework.
One solution could be the development of a digital currency issued by the central bank itself; a kind of "digital lek" that would enable high efficiency in payments, transparency, and monetary control. This is the path that countries like China, Sweden, and even the European Union are pursuing through the digital euro project.
In the end, it's not about technology, it's about power. Who controls the currency, controls the economy. If dollar stablecoins invade our markets, then it will be Washington that will dictate the pace of our economy./ Pamphlet
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