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UK Central Bank Chief Sees Digital Currency Displacing US Dollar as Global Reserve

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UK Central Bank Chief Sees Digital Currency Displacing US Dollar as Global Reserve

https://www.coindesk.com/bank-of-england-governor-calls-for-digital-currency-replacement-to-the-dollar

This is an interesting article.

Countries around the world are seriously questioning the USD's position as the world's reserve currency. It may not be Bitcoin or any Cryptocurrency first that replaces the USD but if there is any digital currency which replaces the USD then it will certainly be an interesting stepping stone towards the path of such a possibility in the years to come. I am talking of in the next twenty years or so. I do not expect anything imminently or even in the next five to ten years. 

  • Thought provoking 1

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The US having 'Reserve Currency' status gives it an unfair advantage over all others nations across the globe. It is only a matter of time before the other 'larger' nations come up with ideas that means more of them have a control over the world's reserve currency.

So for example you could have the top five economies around the world merge to create a combined reserve currency which is backed and supported by the central banks of the five largest economies around the world. I cannot see the world ever going back to a gold standard.

The US has far too many advantages over other nations and gives it far too much power in the world so it is only a matter of years / decades before this changes. What it changes to is the question and I cannot believe the other nations will simply let this continue for ever as they grow their economies and become stronger. 

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I wonder if Carney is positioning himself for his next role ... will we see him working for Facebook's Libra division? :D

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😂

You never know. Who would have thought that he would have become the governor of B of E?

  • Great! 1

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