It comes as no surprise that the international monetary system is in dire straights, and is close to being broken all together. However, there is always a silver lining, and it comes it the form of cryptocurrency and Blockchain technology.
Not only is the need there for the monetary system to change its course to cater for these technological advances that we see with cryptocurrencies and Blockchain technology, they have big backing.
Speaking just last week at the Economic Policy Symposium in Jackson Hole, Wyoming, Mark Carney, Bank of England Governor expressed the need for a new international monetary and financial system (IMFS) in the form of digital currencies.
“It is an open question whether such a new Synthetic Hegemonic Currency (SHC) would be best provided by the public sector, perhaps through a network of central bank digital currencies.”
Times are changing fast and the entire international monetary system will soon need an overhaul. Currencies all over the world are dropping and are in turmoil and it will take digital currencies to put the monetary world back in working order.
Central banks need to listen to Carney’s call and work together cooperatively in order to provide a solution to the problem. Regardless of what is happening with the monetary system worldwide, the disruptive technologies behind cryptocurrencies and decentralised exchanges will continue to advance. It is only a matter of time.