Blockchain (Part 04) : Border Free Monetary System
In this age of technology we are still failing to ensure transparency and accountability in the economic sector. The world's superpowers are constantly engaged in a kind of cold war or direct war with each other. Conflicts between the various countries of the modern world continue in this direction and that is why we see that the main powers of the world are divided into two or three groups. Its impact is affecting the world economy, politics, environment, geopolitics and socio-economic matters. When a country or group is in leading position, its currency system is accepted as the currency of exchange for the whole world.
But the biggest problem is that whenever there is a conflict between one party and the other, the currency of one country is confiscated or withheld by another country. In this way, the place of people's confidence in the economic field falls into a risk due to political competition.
The political competition in the world was, is and will be. That is why it is acceptable from world economy to use the monetary system as a tool to subdue one party economically, i think. In this age of globalization, every country has to trade i.e. import and export. The importance of the monetary system in this trade is immense and when this monetary system is in a transparent place it will bring good results for all the countries of the world.
In different wars or in different crises of the world, an attempt is made to subdue a country economically through monetary system. This is normally a good initiative when one party wants to do something unfair to another country or adversary. But when it is not proven then difficult to justify. But even then the seizure of the wealth of an individual economically is a kind of anarchy because the one who has acquired wealth becomes destitute.
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Ordinary people are always harmed in war or in unusual circumstances and ordinary people are harmed by any kind of economic impact. All of this has put the world's monetary system in question. When there is some sanctions or economic harassment, the party must not want to welcome the current monetary system into its economy.
Over the past few decades, we have seen in the world that the monetary system is trying to manipulate one side by using the influence of paper money. In order to overcome this situation, everyone has to look at the alternative monetary system. Everyone has become very active in introducing gold in monetary system because if gold can be introduced in the main currency system then it will be possible for the people of the world to overcome these problems.
If we think that one party must play a leading role for the people of the world, then the idea is not bad, but when the people in that leadership do injustice to others, then no one else has any option to stop it. And that is why, from the experience of the last few decades, we are seeing different countries shifting towards a gold-based monetary system. When gold is the medium of exchange, it will not be possible to impose such discrimination or deception or blockade on international trade.
On the other hand, we know of cryptocurrency or digital currency based on blockchain technology which does not have any specific boundaries or dependence on anyone. Rather it is an international currency that anyone from any country can use at any time. If we talk about a certain traditional currency then it cannot be exchanged all the time in all countries. But in the case of cryptocurrency or digital currency, this problem is not at all. When such a cryptocurrency or digital currency is used as a medium of exchange, it will not be possible for a country to be economically or intentionally harmed by seizing assets.
People learn from different situations and people want to welcome a good technology by overcoming the bad aspects of technology with the advancement of technology. From the experience of the last few decades, just as people want to go back to a gold-dependent economy, they want to welcome a currency without borders like cryptocurrency. Although cryptocurrency has some drawbacks still it can turn the world into a village where there will be no domestic barrier or border.
Due to the current war situation or crisis in the world, many are wondering how to safe their currency system because Dollar, Ruble, Yuan, Euro nothing can bring relief to the people because these currencies are limited to a certain region. When there is trade with these regions then these currencies can be used but no one can be universal at least in this kind of situation of the World.
Due to the imposition of economic sanctions and confiscation of resources in various ways, many currency are now beginning to lose the trust of the people. So different countries are starting to turn around and try to get back to that gold coin. On the other hand cryptocurrency has features like gold and silver coins. By taking more control of this system and enriching the space of transparency it can be an excellent currency system. If we can control crypto by gold and use it as electronic currency of gold then there will be no interference. Thus security of wealth can be assured.
Gold or silver as a backup of any currency and if its electronic form is in cryptocurrency can be a way of solving all these problems in the world. In that way, we can ensure more transparency, accountability and acceptance in the economic field where anyone will not be able to seize one's wealth at will. Assets will be universal and be used from any part of the world freely.
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