Bank Of England Chief Bullish On Gov't-Backed Digital Money

Law360 (August 23, 2019, 9:06 PM EDT) -- Replacing the U.S. dollar with a digital currency backed by central banks could prove to be a boon for the international financial system and reduce the impact of U.S.-based economic shocks on the rest of the globe, Bank of England chief Mark Carney said Friday.

The increasingly digital nature of the global economy, with more payments and retail purchases happening online, sets the stage for the emergence of a "synthetic hegemonic currency" that could replace the dollar as the world reserve currency, Carney said at the 2019 Jackson Hole Symposium, according to prepared remarks released by the Bank of England....

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