The head of the Central Bank of England said that in the future, cryptocurrency will replace the US dollar

According to the head of the Central Bank of Great Britain, Mark Carney, in the future, digital currencies will not only be able to compete with the US dollar, but even displace it from the global market.

He expressed his opinion at a meeting of representatives of central banks around the world, which was held in Jackson Hole, Wyoming. The economist believes that the dollar will not be able to remain the head of the world’s currency for long, because new and much more advanced means of payment already exist.

He noted that new technologies far surpass traditional financial mechanisms. This applies both to the speed and cost of payments, and convenience: online transfers in recent years have become more popular than cash purchases, as evidenced by the explosive growth of trading platforms on the Internet.

Nevertheless, online payments are still tied to fiat currencies, which gives them all the disadvantages of the traditional financial system. In the near future, this may change, says Carney: the advantages of digital currencies will force the whole world to turn to them, so the dollar will lose its dominant position.

He mentioned Facebook's Libra as the most promising digital currency. According to him, it is precisely the Zuckerberg cryptocurrency that is capable of ultimately removing the dollar from the position of leader, although it will be based on a basket of fiat currencies. Nevertheless, the project is now fraught with a number of serious problems.

The economist believes that regulators around the world need to develop complete rules for the work of Libra, before allowing its launch. However, he did not talk about a possible ban on the project.

Thus, we come to the point where absolutely everyone understands that the dollar, like any other fiat currency, has no chance of survival in the face of more developed and advanced tools. The fact that the head of the Central Bank of one of the most developed countries recognizes this adds confidence in the bright future of cryptocurrencies.

Earlier, we wrote that in Britain they recognized Bitcoin as property . This step also significantly strengthens the position of cryptocurrencies in the legal framework of the country.

Publication date 08/25/2019
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