Bank of England governor Mark Carney has suggested that a virtual currency, modelled on Facebook's Libra, could one day replace the dollar as king ...
LONDON: Bank of England governor Mark Carney has suggested that a virtual currency, modelled on Facebook's Libra, could one day replace the dollar as king of the foreign exchange market.
The dollar accounted for almost 62 per cent of global foreign exchange reserves in the first quarter of 2019, according to the International Monetary Fund. When the greenback appreciates, so do repayments for many emerging nations because their debts tend to be denominated in dollars.CENTRAL BANK ROLE
Yet central bankers and world leaders alike remain anxious over the current crop of virtual currencies because they are unregulated. "The United States will simply not allow it to happen without a fight. Nobody in its position would," said Rabobank analysts.The BoE governor meanwhile made explicit references to Libra - a future cryptocurrency unveiled by social media giant Facebook in June.
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