WATCH: BOE Governor Says Global Digital Currency Should Replace the US Dollar

In this last week, Bank of England Governor Mark Carney made waves in the crypto industry by espousing, as a pillar of traditional banking, an alternative to the very system he heads. At a speech in the U.S., Carney put forward the idea of a “synthetic hegemony currency” – in other words, a central bank-banked cryptocurrency that could replace the U.S. dollar as the global reserve currency.
Michael Every, experienced economist and Head of Financial Markets Research Asia-Pacific at Rabobank, would beg to differ. As a long-time expert on Asian markets, Every does not anticipate that the crucial, closed-off Chinese economy would adhere to the libertarian principles behind blockchain and cryptocurrency.
While Every acknowledges the need for a global reserve currency that does not hinge on any one country with unilateral power to manipulate money supply, and that particularly does not fall to the U.S. for regulation, he also points out that the up-and-coming powerhouse economy that is China is not likely to adopt a decentralized currency.
Without the participation of China, which is on the fast track to becoming the world’s most important, formidable economy, it is difficult to say that any digital currency can be truly global. Every points out that as the current global hegemon, the U.S. is unlikely to participate in any process that detracts from global reliance on the dollar. In the face of all these political obstacles, is there any way for the “synthetic hegemony currency” to come into existence?

https://forkast.news/2019/08/29/watch-boe-governor-says-global-digital-currency-should-replace-the-us-dollar-rabobanks-michael-every-breaks-it-down/

WATCH: BOE Governor Says Global Digital Currency Should Replace the US Dollar

WATCH: BOE Governor Says Global Digital Currency Should Replace the US Dollar

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