Governor of the Bank of England considers that a Libra-like crypto could replace the US Dollar

Latest

Mark Carney, Governor of the Bank of England, declared that a digital currency similar to Facebook’s Libra could replace the US dollar as a reference point of the financial and economic system of the world.
The governor was attending a conference in the United States when he declared that the world economy is now moving through a period full of troubles and radical measures are required in order to improve the situation for the better.
Mark Carney built his thesis of finding a global alternative for the US dollar as a point of reference by analyzing the constant political uncertainty between major powers and their drives towards internal protection.
In other words, if we want to benefit from a globalized ecosystem where various states create economic and political connections that further on lead to new opportunities of developing and growing, we should take into account a digital currency that is similar to Facebook’s Libra but which must prove a certain degree of decentralization and independence in order to be accepted by all major powers.
Otherwise, if we continue to build our future development on the present state-controlled capitalism that benefits only a handful of countries in the world, mainly the large actors, we’ll just replace the US dollar with the Chinese alternative and we’ll simply find ourselves in the exact same spot and the same game that benefits only a few players, the same as today.
The British governor presented his ideas on the future international economy in a period that seems to be dealing with an increasing number of trade and currency wars between the United States and those states that seem to distance themselves from democracy. Though we may not be troubled by a minor trade war between US and Turkey or Iran, we might be very much affected by a trade war between US and China, since we are talking about the main political actors of the day.
But is it possible to bring everybody at the same table? Can we imagine China, Russia, EU and US choosing a Libra-like cryptocurrency to be used as a global currency point of reference? At the end of the day, the fight between globalization and national interest continues to dictate the main political views that influence our lives.

Leave a Reply

Your email address will not be published. Required fields are marked *