Bank of England head Mark Carney proposes virtual currency to be world's reserve currency

posted 22 days ago
Bank of England Governor Mark Carney said the world’s reliance on the US dollar as a reserve currency is too risky and proposed a new digital currency to replace it. “In a multi-polar world, you need a multi-polar currency."

Carney said a new digital currency based on a global basket of goods would provide equilibrium to a system where some countries have moved to zero or negative interest rates, while others, including the US, remain positive. Carney, a banker and economist, has headed England’s central bank since July 2013.
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