‘Hegemonic digital currency’ could help fix global system – Carney

Using CBDC to facilitate online sales could bring about more rapid change, governor says

Mark Carney
Mark Carney speaks at the IMF meetings
IMF Photograph/Cory Hancock

There is an opportunity for digital currencies to support a transition away from the destabilising effects of US dollar dominance, Bank of England governor Mark Carney says.

In remarks on October 18, Carney called on policy-makers to consider whether they should be waiting for China’s renminbi to become a new reserve currency – “which doesn’t solve the problem” – or take matters into their own hands with the creation of a hegemonic digital currency.

“It doesn’t make sense to swap one reserve

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