Dear Editor,
Five years ago I thought blockchain technology had the potential to address the major problems of international payments, which are slow, risky and expensive, and in many countries and rural areas are difficult or impossible to access. That was a challenge that would have justified interest by central banks in this technology, but that promise has not been realised.
The title of this note, Fewer Monies, Better Monies is borrowed from a 2001 paper by the late Rudi Dornbusch in the American Economic Review, in which he made the case for pegging the currencies of Argentina, Mexico and other open economies to the US dollar, through commitment to currency board rules. In a recent paper I have gone further, showing that small economies no longer have a reason to issue their own currencies. They are better off using the US dollar for domestic transactions, since they are obliged to use the dollar for all the international commerce which fuels domestic activity (Worrell, 2021)....
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...