According to the Wall Street Journal, the world could soon have a crypto-currency international in response to Bitcoin. This would be an idea that is seriously considered by the International Monetary Fund (IMF). This new should not be a surprise, after the recent announcement by the Dubai government regarding its intention to issue a crypto-currency Status. In addition, the latest news indicates that a large number of banks to contribute anonymously to the initiatives of creation of crypto-currencies, then that enthusiasm for the technology Blockchain does not fail.
A centrality decentralized ?
The difficulty with a digital currency as a whole is the factor of centralization. An important part of the appeal of crypto-currencies such as Bitcoin is the decentralised protocol. Indeed, this decentralization creates a market truly free, where the value is based only on a consensus without fixing the price. Thus, a digital currency globalised, while providing a secure, decentralized, require that the International Monetary Fund corrects and regulates the values in order to manage the flow of money in and out of different countries. Such a system would be contrary to the principles of Bitcoin.
A new reserve currency
The dollar is a reserve currency for a large part of the transaction volume in the world. For this reason, some of the world’s major economies might want a digital currency works as a reserve currency. The crypto-currency backed by the IMF could eventually replace the dollar in this precise context, if it became widely accepted. In such a case, the dollar and other national currencies would be limited to local markets. Some supporters of Bitcoin argue that the IMF did not need this type of currency, since Bitcoin already exists and does not present a risk of centralization.
Source : Cointelegraph