A Cryptocurrency As The New Reserve Currency?

When we explored whether we need a nation state backed cryptocurrency, it was mainly about Central Bank-issued Digital Currency (CBDC).

Though the Chinese government is working on something called DC/EP (for “digital currency/electronic payment”), as we check out the financial inclusion in the fintech era.

In this article, let’s look at the possibilities of having a cryptocurrency as the alternative reserve currency to what we have now, and the reasons or news trending to this.

The possibilities are there.

The Industrial and Commercial Bank of China (ICBC), the world’s largest lender by assets, has conducted research and explored integrating blockchains with big data, artificial intelligence, the internet of things, and 5G technology since 2016.

ICBC has released a white paper on blockchain technology applications in finance, which is the first of its kind in the banking sector.

It needs to be both a medium of exchange and a store of value.

Jim Bianco, CEO and president of economics and finance analysis company Bianco Research

One of Possible Reasons Behind – Devaluation of Paper Money

Unless you have your head in the sand, you’ve probably realized that governments and central banks can print money out of thin air and in unlimited amounts.

Bitcoin.com

With over $6,000,000,000,000 printed in stimulus, that large of a number becomes hard to grasp. For some perspective, as at April 2020:

A million seconds ago was 11 days.
A billion seconds ago was 31 years.
A trillion seconds ago, there was no written history.

But people are start getting the idea how things may go dwindling down.

Related News (Development)

Related News (Possible Reasons)