Should Global Digital Currency Replace the US Dollar? Rabobank's Michael Every Breaks It Down
In this last week, Bank of England Governor Mark Carney made waves in the crypto industry by espousing, as a pillar of traditional banking, an alternative to the very system he heads. At a speech in the U.S., Carney put forward the idea of a “synthetic hegemony currency” - in other words, a central bank-banked cryptocurrency that could replace the U.S. dollar as the global reserve currency. Michael Every, experienced economist and Head of Financial Markets Research Asia-Pacific at Rabobank, would beg to differ. As a long-time expert on Asian markets, Every does not anticipate that the crucial, closed-off Chinese economy would adhere to the libertarian principles behind blockchain and cryptocurrency.