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Bank of England - Bank of England Governor Mark Carney said a central bank-backed digital currency could replace the U.S. dollar as a global safe-haven currency.

This Friday (August 23), at an economic policy seminar held in Jackson Hole, Wyoming, USA, Mark Carney pointed out that although the U.S. dollar has played a leading role in the world order over the past century, it is now necessary to discuss It is time to establish a new International Monetary and Financial System (IMFS), as recent developments (such as globalization and intensifying trade disputes) may have a greater impact on national economies than ever before.

Of course, Mark Carney acknowledged the dominant position of the U.S. dollar in international securities issuance and the main settlement currency for international trade, but he also said that as the U.S. economy develops, it may have huge spillovers to the rest of the world by affecting the U.S. dollar exchange rate. effect. Mark Carney explains:

“The world economy is being reordered and the dollar remains as relevant as it was when Bretton Woods collapsed.”

However, Mark Carney also proposed some potential alternatives to the dollar, such as the yuan and a digital currency backed by an international alliance of central banks. He added:

“The question now is, this latest Synthetic Hegemonic currency
Currency) should be provided by the public sector, such as through a central bank digital currency network, while a comprehensive hegemonic currency may dampen the impact of the dollar on global trade. "

Mark Carney explains that new technologies could undermine the network effects of dollar protection, with more and more transactions taking place on the internet and using electronic payments rather than cash. Although Mark Carney did not explicitly mention cryptocurrency, he said that he noticed that the cost of traditional domestic and cross-border payments was relatively high, so he hoped to encourage innovation and use new technologies to provide lower costs and more convenient retail payment services. .

Typical case: Libra

Mark Carney pointed to Facebook’s cryptocurrency project Libra as a typical example. The social media giant has proposed Libra as a payment infrastructure and a stablecoin backed by a basket of national currencies. But in order to be successful around the world, Libra needs to solve regulatory issues, Mark Carney added:

“The Bank of England and other regulators have made it clear that Libra is not like social media, there will definitely be risks if billions of users adopt the technology, and standards and regulations are only just opening up the conditions for participation in any new systemic private payments system. It must be clear before Libra is officially launched.”

It is worth mentioning that Mark Carney also specifically mentioned that although digital currencies may not be ready to play the role of "global currency" and replace the US dollar, the concept is interesting. He further said:

“How a comprehensive hegemonic currency in the International Monetary Fund system will support better global trade, how to deal with challenges in the current environment, and what risks exist in the process of transitioning to a comprehensive hegemonic currency (such as the renminbi) are all worthy of consideration. of."

Mark Carney believes that if this new comprehensive hegemonic currency occupies a larger share of global trade, it will definitely shake the position of the United States and produce weaker spillover effects. He finally concluded:

“By the same token, global trade will certainly be more sensitive to changes in national conditions that support the basket of other currencies that underpin the integrated hegemonic currency.”