Jonny Fry Posted

Bank of England Governor proposes Digital currency to replace US$

Mark Carney, the Governor of The Bank of England, proposed at a US Federal reserve meeting that the days of the US$ as the world’s reserve currency, are numbered. However, rather than being replaced by another fiat currency, such as the Chinese Renminbi, a Digital currency like Facebook’s proposed Libra could be an alternative.

While the USA accounts for just over 24% of global GDP (it only makes up 4.27% of the world population), but the impact that the US$ has on many economies is significant. Therefore, a currency backed by a...