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Keynes’s International Currency Union - Reimagined with Cybercurrency

Lev Neymotin

From the essay

Today’s technology—specifically blockchain and distributed ledgers—makes it feasible to revive and update Keynes’s vision. A “Cyber-Bancor Union” would use a cryptocurrency-like international money as the unit of account for all cross-border transactions, while countries retain their own national currencies for domestic use. By introducing a ledger-based world currency allocated by economic size, it removes the privilege and burden of reserve currency status from any single nation. Implementing such a Cyber-Bancor Union would of course face challenges—political will and international coordination are as crucial as the technology.

Adapted from PDF pages 1, 6.

international tradedigital currencytariffsmonetary reform

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