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Bank of England Governor: Libra like Currency can replace US dollar

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Bank of England Governor: Libra like Currency can replace US dollar

Economist and Governor of the Bank of England, Mark Carney said that eventually, Libra-Like currency can replace the US dollar.

According to Bloomberg, During the U.S. Federal Reserve Annual Symposium in Jackson Hole, Wyoming. Carney delivered a speech proposing for an overhaul of the Global Financial System and that United States Dollar can be replaced with a digital currency like Libra.

He said it is a better option than allowing its reserve status to be replaced by another National Currency which said to be China’s Renminbi.

“The combination of heightened economic policy uncertainty, outright protectionism, and concerns that further, negative shocks could not be adequately offset because of limited policy space is exacerbating the disinflationary bias in the global economy, What then must be done?” Carney said.

Carney strongly emphasized that a new “Synthetic Hegemonic Currency” could be best provided by the public sector, through a network of central bank digital currencies.

Back in July, Carney said that Libra has to be virtually perfect so it can be released. He said:

“If it’s successful, it becomes systemic, because it would involve a very large number of users. In the longer term, we need to change the game,” Carney said. “When change comes, it shouldn’t be swap one currency hegemony for another”