Broken International Monetary System Opportunity For Cryptos

cryptowarrior88 (59)in #cryptocurrency • 5 years ago

It has a widely known fact that the international monetary system is broken and we have history on our side to prove that this statement is correct.

This fact poses a huge opportunity for cryptographers behind cryptocurrency and blockhain technology to prove that their approach is better than the prevailing system we have today which have failed us time and time again.

As such central bankers should take heed to the call of outgoing Bank of England Governor, Mark Carney, to develop a network of national digital currencies to create a new synthetic hegemonic currency.

While such a solution is technically challenging as well as politically complicated, it can be a solution to the current monetary system’s dangerous imbalances fostered by its dependence on the dollar as the word’s reserve currency.

Whether or not central banks agree to Carney’s call the disruptive technologies behind cryptocurrencies will continue to advance which are now being studied by other world powers as a viable alternative to the current US dollar-based monetary policy.