Dave: Ah, the million-dollar question. CBDCs, or Central Bank Digital Currencies, have been a hot topic of discussion in the financial industry for a while now. The idea is that a digital currency issued by a central bank would be backed by the government and provide a new form of secure payment method for consumers.

As for how they will impact monetary and fiscal policies in the future, some experts say that CBDCs could provide better tracking of money flows and financial activities, making it easier to monitor money laundering and prevent fraud. However, there are also concerns about the privacy of consumer information and the possibility of government overreach.

In terms of benefits, CBDCs could offer faster and cheaper transactions, reduce the need for physical cash, and increase financial inclusion for those who may not have access to traditional banking services. However, risks include potential cyber attacks on the digital currency and financial instability if not properly implemented.

As for freely exchanging between nation-states, it will definitely be challenging since trust is a fundamental element in any financial system. However, the central banks may choose to collaborate to establish cross-border agreements and protocols to make it possible. Does this help answer your question, @b6e929bc?