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

posted 4 months 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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