Illustration: Rebecca Zisser/Axios

There's an arms race underway for control of the world's money in the coming cashless society. While a future without hard currency notes may seem far away in the U.S. where more people write checks than use digital payments, globally, digital currencies are becoming the norm at a stunning pace.

Why it matters: "We might have to be prepared for a future with a lot more digital money, maybe with cash, maybe substituting for cash," Benoit Coeure, a member of the executive board of the European Central Bank, said last week during a presentation at the IMF-World Bank meetings.

  • As more people move into the middle class in emerging nations, they're showing a clear preference for cyber currency provided by tech companies.
  • Mobile payment transactions in China rose to nearly $13 trillion in just the period from January to October last year, according to official figures from the Ministry of Industry and Information Technology cited by the South China Morning Post. The transactions were largely on Alibaba's Alipay and Tencent's WeChat Pay.
  • More tech companies are moving into the space, as are unregulated currency systems like Bitcoin.

The big picture: The Bank for International Settlements is studying digital currencies, and global central banks including Bank of Canada and Bank of Japan are looking into releasing central bank digital currencies.

  • Cecilia Skingsley, deputy governor of Sweden's Riksbank, says there's a "50/50" chance the central bank launches an "e-krona" digital currency within the next 5 years.
  • In Kenya, the M-Pesa is quickly replacing cash. Government data showed that in December Kenya had 31.6 million active users of mobile money services with a population of around 50 million.

The other side: The world's largest financial institutions are working to ensure they aren't displaced in the developed world.

  • The largest U.S. banks, including Bank of America, JPMorgan Chase, US Bank and Wells Fargo, together launched online payment provider Zelle in 2017. According to JPMorgan's CFO of Consumer and Community Banking Sarah Youngwood, Zelle is now larger than Venmo.
  • JPMorgan also announced JPM Coin in February, which allows global payment and settlement between clients on the blockchain. (Just don't call it a cryptocurrency.)

The intrigue: While Jeremy Allaire, CEO of crypto finance company Circle, argues that in the cashless society no one will pay for the ability to pay, with commercial banks dominating both digital payments and debit and credit instruments, the banks would oversee the exchange of almost all money and could thereby control its cost.

  • "Payments are to their nature a monopoly," Riksbank's Skingsley said. "It may look from the outside like you have very, very many choices as a customer, but it may be a very concentrated, private system in the middle."

Go deeper: The cashless backlash is getting results

Go deeper

Trump's Tucker mind-meld

Photo illustration: Sarah Grillo/Axios. Photo: Roy Rochlin/Getty Images and BRENDAN SMIALOWSKI/AFP via Getty Images

If you want to understand the rhetorical roots of Trump's Independence Day speech at Mount Rushmore, go back and watch Tucker Carlson's monologues for the past six weeks.

Between the lines: Trump — or rather his speechwriter Stephen Miller — framed the president's opposition to the Black Lives Matter protest movement using the same imagery Carlson has been laying out night after night on Fox.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 11,366,145 — Total deaths: 532,644 — Total recoveries — 6,154,138Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 2,874,396 — Total deaths: 129,870 — Total recoveries: 906,763 — Total tested: 35,512,916Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity — Houston mayor warns about hospitals
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Former Trump official Tom Bossert says face masks “are not enough”
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: Sports return stalked by coronavirus
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.

Bolton's hidden aftershocks

Photo illustration: Sarah Grillo/Axios. Photo: Justin Sullivan/Getty Images

The news media has largely moved on, but foreign government officials remain fixated on John Bolton's memoir, "The Room Where It Happened."

Why it matters: Bolton's detailed inside-the-Oval revelations have raised the blood pressure of allies who were already stressed about President Trump's unreliability.