Jump to content
Sign in to follow this  

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

Recommended Posts

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

Share this post


Link to post

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. 

  • Like 1

Share this post


Link to post

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

Share this post


Link to post

😂

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

  • Great! 1

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Member Statistics

    • Total Topics
      7,444
    • Total Posts
      37,896
    • Total Members
      47,882
    Newest Member
    AnnaZ
    Joined 22/09/19 04:43
  • Posts

    • How do I switch my account from CFD trading to share trading?
    • That USDJPY turn looks to be confirmed with a break of a potential ending channel in confluence with the Fib 50% and failed retest of the previous Pennant formation.  A solid bearish move on the last two daily candles of the week in line with a late stocks drop is boding well for a sustained medium term bearish phase for this pair.  This may be at odds with other pairs for a few days or so but I expect USD to turn bearish sometime next week, in which case I see this pair dropping hard, which would be in line with the EWT set up of a wave 3 down.  A continued period of stocks weakness would add to the momentum on this pair.
    • Looks like we are getting that relief rallyvon Gold and Silver, which is in line with my A-B-C retrace bearish move road map.  If this continues according to the road map then the current rally is a wave B.  When it concludes there will be a strong wave C down and this is the point to Short if the mood take you.  This is coinciding with both a short term rally on USD (DX) and a late bearish move on stock indices on Friday.  I expect the bearish stocks move to continue for a bit, especially on non US large caps to complete their wave Bs.  We may see a correlation conclusion of these wave Bs between stocks and precious metals.  I also think USD DX will rally a bit further, with GBPUSD in particular putting in a strongish bear move in a 1-2 retrace.  All the main USD pairs except with the Yen are likely to be bearish vs USD.  
×
×