Dow Crawls Higher After Trump Awards China 400 Tariff Exemptions –…

10m
cryptonewmedia

Ethereum, Dogecoin Signal First Bullish Trend Reversal in 2 Years

13m
cointelegraph

Tom Lee - “I am Very Positive on Bakkt”

13m
cryptodaily

‘Bitcoin Now a Regulated Market of Significant Size’

14m
cryptonewmedia

Bitcoin Evangelist Calls to Boycott Edward Snowden’s Book

20m
newsbtc

Ethereum Price Analysis: ETH Flexing Muscles But Can It Rise to $240 Over the Weekend?

24m
coingape

Craig Wright and Kleiman Estate hoping to resolve the biggest Bitcoin battle

25m
bitcoinwarrior

CME Group To Offer “Options” On Bitcoin Futures in Early 2020

25m
coingape

Roku Stock Spirals Further Despite New 4K HDR Device Upgrades –…

1h
cryptonewmedia

Bitcoin ATM Installations Up 500% Since 2016

1h
cryptonewmedia

DeversiFi (previously Ethfinex) restructures exchange governance token

1h
cryptonewmedia

XRP Securities Lawsuit Dismissed By Ripple

1h
cryptodaily

XRP Securities Lawsuit Dismissed By Ripple

1h
cryptonewmedia

CME Group Aiming to Launch Options on Its Bitcoin Futures Contracts In Q1 2020

1h
cryptoglobe

Coinbase Lists Dash, Considers Adding Even More Digital Assets

1h
beincrypto

TRON CEO Invites USDT Users to Migrate to Tron from Ethereum; Gets Trolled Heavily

1h
coingape

CME Group Is Launching Bitcoin Options Early in 2020

1h
coindesk

Bitwise Tells SEC: ‘Bitcoin Now a Regulated Market of Significant Size’

1h
cointelegraph

Central Banker: CBDC Flexible Tool for Zero-Interest Rate World

1h
bitcoinnews

Bitcoin prepares for high volatility in the vicinity of Bakkt’s futures contracts launch

1h
cryptoslate

Verizon Just Won a Patent to Create Virtual SIMs on a Blockchain

1h
coindesk

Bitcoin (BTC) Outlook Remains Bleak While Altcoins Continue To Rally

1h
cryptodaily

Bitcoin Giant Grayscale Caught Spreading Rumors about Fiat

1h
newsbtc

Could BTC/USD Dive Under $10,000 Be A Necessary Evil? |

1h
cryptonewmedia

Bitcoin Price Back Above $10k, Targets New ATH Amid Bakkt Monday…

1h
cryptonewmedia


We Need a Libra-Like Virtual Reserve Currency for the World, Says Bank of England Governor

beincrypto

1mon ago

Mark Carney, the governor of the Bank of England, has come out with a radical new proposal. He has put forth the idea that a Libra-like ‘virtual currency’ should replace the dollar on the world stage.

The Bank of England Governor is offering a new vision for international commerce in lieu of the trade and currency wars currently plaguing the global balance. As central banks trap themselves in low-interest rates and struggle to revive inflation, Carney thinks that it may be time to ditch the dollar entirely.

If you recall, Bank of England Governor Mark Carney was one of the few top officials which did not immediately criticize the Libra. Instead, he said that the idea could be “systemically important.” Now, he is taking this idea a step further by outright proposing that world commerce adopt a Libra-like reserve currency.

Speaking at the U.S. Federal Reserve’s annual symposium, he brought up the heightening tensions which are forcing us to rethink global commerce. “The combination of heightened economic policy uncertainty, outright protectionism, and concerns that further negative shocks could not be adequately offset because of limited policy space is exacerbating the disinflationary bias in the global economy,” he said.

His recommendation that banks try to get a handle on this crisis in the short-term, but drastic steps must be taken in due time. He pitched the idea that the dollar should forgo its position to a virtual currency, rather than being the world’s reserve currency. This would be preferable to letting another national currency, like the Chinese renminbi, become dominant which would have inherent political implications.

The collapse of U.S. control on the world stage has unraveled the supremacy of the dollar. As we go further and further into a multipolar world, currency wars will inevitably escalate. In short, they will become just another mechanisms for geopolitical contestation, as they are already. As Carney argues, a reserve currency would ‘level the playing field,’ so to speak, and take currency out of this domain of power politics.

Yet, what Carney fails to realize is that whoever creates and claims a virtual currency as the ‘reserve’ of the world will inherently inflame political tensions. It seems like an unlikely feat to overcome given the current circumstances.

Instead, Carney could have made a more eloquent case for Bitcoin given his concerns. Not only does BItcoin have the longest history among virtual currencies, but it is also apolitical — as no political power can claim it, and its origins are anonymous. It is thus the best hedge against the current crises, potentially acting as a store of value outside of nation-state politicking. Only Bitcoin can claim this due to its unique history.

It should be noted that the Bank of England Governor Mark Carney is a noted Bitcoin skeptic, so it’s to be expected that he would not mention the leading cryptocurrency in making his case.

Do you agree that the world needs a virtual reserve currency which is not the dollar? Let us know your thoughts in the comments below.

Buy and trade cryptocurrencies with a 100x multiplier on our partner exchange, StormGain.

You buy :

In dollars :

To email :

Images courtesy of Shutterstock.

As a trusted news outlet in the blockchain and cryptocurrency industry, BeInCrypto always strives for the highest journalistic standards and adheres to a strict set of editorial policies. BeInCrypto is an independent website with authors and management that may personally invest in cryptocurrencies or blockchain startups.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments