by Hania Ahmed
Russia has been working on government-sponsored cryptocurrencies for many years, and Sweden has an e-Corona program. Of course, there are a lot of countries: Senegal and the small island martial cryptocurrency are merging with the current currency, and countries like Venezuela and Ecuador have tried but failed, they have not been able to take advantage of it.
There is no doubt that this growth will radically change the international economy. The modern system is similar to the Bretton Woods Conference in 1944, where allies agreed to close their currencies with the US dollar and the US agreed to convert dollars into gold to stabilize the trade environment.The dollar has been in the middle of the economy since the floating Bretton Woods exchange rate collapsed in the 1970s. Today, 40% of international payments and 60% of global international dealing military unit are in US dollar bill. The euro ratio is small. But it’s important: more than 30% of international payments and 20% of currency reserves are small for comparison.
The US business enterprise laterality way that the Federal Reserve is almost the World Bank, as the Monetary Policy Committee has decided to rate interest rates in dollars everywhere. The dollar dominates the international payment system. Swift reduces operating costs and accelerates globalization, which is essential to maintaining international economic ranking in the years to come.However, the picture has changed in recent years. As tensions rise between the world’s superpowers, many observers accuse Americans of playing with the system in the interests of the economy, regardless of the consequences. Despite the EU’s objections, the United States has expressed strong concerns about the use of international payments as a political tool, urging Swift not to issue Iranian banks under EU auspices.
It is clear that the dominance of the dollar prevents the fundamentalism of globalization. However, many countries are working to change that. Britain, France and Germany, for example, have indexed Iran as an alternative trade source, and have recently joined six other EU member states.A amount of symmetrical concord ‘tween key banks have allowed the two countries to exchange currencies directly. Meanwhile, some countries, such as Germany and the Netherlands, are plundering gold reserves from US warehouses.
However, the competition will be a huge free digital currency exchange using blockchain technology. Blockchain is a secret book for storing decentralized data that is not maintained by any country or organization. It offers more clear and dirt cheap minutes than Meat packer. Use international payments
This method can reduce your payment time by day and cost less than 1.01. This method allows you to process large amounts of payments, especially if you do not have access to your bank account or the Internet.
Cryptocurrencies have experimented with the use of blockchain for international payments. But countries benefit the most from the use of equality. It is state-sponsored and a fully decentralized digital currency like Bitcoin cannot compete with it.
Despite the rapid technological changes in the information age, the international payment system has lagged far behind. But as digital currencies began to emerge, they suddenly changed. No country has been able to avoid withholding payments, as smartphones are increasingly replacing old cell phones.
For example, US Treasury Secretary Steve Mano said he would not see his country selling digital dollars in the close cardinal years, and that the time would come when gravity would become a political center. Everyone has joined the revolution in 5G networks, and in those cases when the Internet really came into being, everything could change the current system rapidly.
This will usher in a new international economic era. Buyers and sellers are free to choose the US dollar as the payment currency in many international currencies. We will see high-strength small currencies and complex financial sectors, as well as new strong regional currencies. In this market, market participants and the central bank can compete freely, knowing that they will use only the currencies of their competitors, without adopting a policy that would reduce the exchange rate of international traders.
Countries also form unions. Standard technology for managing cryptocurrencies and platforms and maintaining system stability. In addition to new financial products, new payment systems have emerged. In short, there will be a new economic ecosystem aimed at new consumers.