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Multinational BRICS cryptocurrency with SDR's
serf
Member Posts: 9,217 ✭✭✭✭
Interesting competition coming against central banks? Or not? Maybe a world war instead?
serf
https://www.finder.com.au/russias-multinational-brics-cryptocurrency-idea-gains-traction
A semi-official national IMF SDR-pegged digital currency is taking shape in strange circumstances.
Russia has been racing to embrace cryptocurrencies, specifically for the purposes of weakening the US dollar's somewhat outsized grip on the current world economy, and dodging the worst impacts of sanctions. Decentralisation holds natural appeal for the latter, while central bank-supported digital currencies might be more suited to the former.
Previous reports have said that Russia's central bank has floated the idea of a multinational BRICS (Brazil, Russia, India, China and South Africa) cryptocurrency to other members of the economic bloc, which might be looking to experience the same benefits. The proposal seems to have been first made public in September 2017.
The SDR is neither a currency nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. SDRs can be exchanged for these currencies.
https://www.sentinelassam.com/news/shifting-to-sdrs-will-free-global-central-banks-of-forex-woes
A game theoretic approach shows that it is beneficial for the world to use SDR as the global currency. If the home country and the rest of the world are taken as two players in the model, they will have two choices of using the SDR as the global currency or maintaining a status quo. A quick back-of-the-envelope calculation shows that the Nash equilibrium of the game will lie in a situation where both parties transact in SDRs (where the payoffs in both parties choosing SDR is assumed to be 1 and maintaining status quo is 0 as there exists less exchange rate volatility in the former case while choosing a contradictory strategy results in a negative payoff for the home country as it loses out on trade). (IANS)
It behoves upon an influential body of international cooperation like the G20 to push forward the agenda of a more stable financial order. A higher use of SDRs to finance lending by the IMF is a possible measure to increase its usage and acceptance. The success of such a shift would free the global central banks from accumulating foreign reserves and allow for more independence in their monetary policy goals. Most importantly, it will ensure greater stability and faster sustained growth in the world economy.
serf
https://www.finder.com.au/russias-multinational-brics-cryptocurrency-idea-gains-traction
A semi-official national IMF SDR-pegged digital currency is taking shape in strange circumstances.
Russia has been racing to embrace cryptocurrencies, specifically for the purposes of weakening the US dollar's somewhat outsized grip on the current world economy, and dodging the worst impacts of sanctions. Decentralisation holds natural appeal for the latter, while central bank-supported digital currencies might be more suited to the former.
Previous reports have said that Russia's central bank has floated the idea of a multinational BRICS (Brazil, Russia, India, China and South Africa) cryptocurrency to other members of the economic bloc, which might be looking to experience the same benefits. The proposal seems to have been first made public in September 2017.
The SDR is neither a currency nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. SDRs can be exchanged for these currencies.
https://www.sentinelassam.com/news/shifting-to-sdrs-will-free-global-central-banks-of-forex-woes
A game theoretic approach shows that it is beneficial for the world to use SDR as the global currency. If the home country and the rest of the world are taken as two players in the model, they will have two choices of using the SDR as the global currency or maintaining a status quo. A quick back-of-the-envelope calculation shows that the Nash equilibrium of the game will lie in a situation where both parties transact in SDRs (where the payoffs in both parties choosing SDR is assumed to be 1 and maintaining status quo is 0 as there exists less exchange rate volatility in the former case while choosing a contradictory strategy results in a negative payoff for the home country as it loses out on trade). (IANS)
It behoves upon an influential body of international cooperation like the G20 to push forward the agenda of a more stable financial order. A higher use of SDRs to finance lending by the IMF is a possible measure to increase its usage and acceptance. The success of such a shift would free the global central banks from accumulating foreign reserves and allow for more independence in their monetary policy goals. Most importantly, it will ensure greater stability and faster sustained growth in the world economy.
Comments
anything to dump the US DOLLAR
Yep and who is going to buy our paper debt now? Congress is nothing but lackeys for The NWO. Get ready for Communism and severe gun control like in California and even more so if The Democrats carry the midterm elections.
serf