For the Ex-employees of the U.S. Federal Reserve, Simon Potter is a Stable Coin as an independent digital currency with no Alternative to the US Dollar. Due to the complexity and coordination hurdles to this was “no sense”. Compared to the unbroken, however, often criticized the dominance of the US dollar, the British Central Bank chief Mark Carney had brought the possibility of a Central Bank-Coins last into the game.
By David Barkhausen
On the 27. September 2019BTC$8.007,86 -4.06%part Facebook Twitter LinkedIn xing mail
you Give the some of the economist Believe, the days of the US are counted dollar as the global reserve currency. In times of trade war between the US and China, the future leader is, for many, already been identified: the Chinese Renminbi. From a political point of view, it grayed out the West on the one hand, against the further economic Expansion of the people’s Republic. On the other hand, a is some the dominance of the US dollar, fed up and looking for Alternatives. A global independent Stable Coin, like him, the British Central Bank chief Mark Carney has finally come into play, granted the former employees of the U.S. Federal Reserve Bank (Fed), Simon Potter, in this week’s cancellation.
In an interview with the canadian business news BNN Bloomberg, the former New York underlines a Central banker, the attitude of many Americans. In his opinion, the Greenback is unchanged in its advantages over all the competition.
It makes no sense at all, something as Complicated [as a digital currency] to set up, as long as there is in the USA, large, liquid capital markets. If you don’t have a single currency that can be used to set the prices of things and for the same time, there is a deep market, the more difficult this is the life of the world economy,
he advertises for the US Dollar, whose dominance in the economy is as strong as ever. Since the second world war, most Central banks hold a large share of their foreign exchange Reserve in US Dollar. In world trade, in turn, about 60 percent of all transactions in the US are currently settled in dollars. Many of the currencies to be traded only against the US Dollar.
Potter: Big hurdles for Central Bank-Coin
What brought the US economy in cheap money also creates economic dependencies, warn, critical voices since years. For many, such as the Bank of England chief Carney of the U.S. Dollar has served its purpose.
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his proposed solution, of an independent digital currency Simon Potter holds, however, little realistic. Here, the problems between the national money houses were to great coordination, he says. The private sector would not, in turn, these difficulties often.
Central banks should be very concerned that the private sector [currencies out there]. The control of a Nation over its currency, aims to protect the people and to achieve good [economic] results. The private sector is rather interested in the sale of products,
he warned in the Interview before to give the state monetary monopoly out of the hands and to leave corporations in the field.
discussion to Libra holds
In the Wake of the currently ongoing political debate about Facebook’s controversial currency project was presented to Carney, in turn, already in July, as a lateral thinker. As one of the few advocates he had put Libra as a possible solution for many problems in the banking and financial sector in a positive light. The Stable Coin could, in his view, a possible answer to expensive and slow transactions. At the same time, however, Carney highlighted the high regulatory hurdles that must be overcome for Libra.
The current Fed Chairman Jerome Powell, in turn, had been shown previously alerted. Although Facebook’s currency, the project could bring many advantages, ultimately, he could see in Libra, however, a risk to global financial stability.
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