Facebook’s Libra Pushed World to Reconsider USD as Global Reserve Currency: WEF
Helen Partz's original article for cointelegraph.com reduced by 70%
Major global economists credit Facebook's Libra with pushing the world to start reconsidering the United States dollar as anchor currency. At a Jan. 23 panel at the annual World Economic Forum in Davos, officials and financial experts discussed one of the most important mechanisms in the global financing system - the U.S.
dollar, which has become the world's reserve currency. Libra evoked a future digital currencyCalled "Challenging the Dominance of the Dollar," the panel focused on factors that make the U.S. dollar the world's dominant payment system and reserve currency, as well as the fact that countries over the globe are trying to reduce their dependency on the dollar.
Gopinath, who is also a director at IMF's research department, opened the panel with comments that named Facebook's cryptocurrency initiative Libra as a major factor that made everyone in global finance reconsider the status of the dollar as anchor currency. The fact that WEF economists now agree that Facebook's Libra has pushed global authorities to start reconsidering their approach to the world's reserve currency, is definitely reinforcing the status of emerging fintech technologies as well as blockchain. In August 2019, Mark Carney, the governor of the Bank of England, suggested that Libra-like digital currency could replace the U.S.
dollar as the world's reserve currency. Carney said that replacing the dollar with a digital currency would be a better option than allowing its reserve status to be replaced by another national currency such as China's renminbi.
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