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April 07, 2020, 05:50:14 PM |
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The global dominance of the United States in global finance is said to be overdue for change and is a call for concern according to trusted experts in the blockchain space, who noted that this arrogates to them the role of the world’s central bank which is said to have huge consequences.
For example, the supremacy of the US dollar in the SWIFT international payment system has been instrumental in reducing transaction costs and accelerating globalization for many years and maintaining the international monetary order but many countries believe that this is a painful monopoly.
Perhaps this is what premised the altered situation lately as apprehension between the global foremost powers has intensified, enthusiasts have increasingly accused players in United State of entrenching a systematic agenda favourable for their own economic interests, without due consideration of further consequences. There are also serious concerns about the US alleged use of international payments as a political instrument
Enthusiasts are of the opinion that the continuous monopolistic control of the global financial economy by the US is hindering the deepening of globalization and this has led many countries to take decisive action with a view to change this narrative.
The introduction of the sovereign digital currency based on blockchain technology was birthed and it has been described by trusted experts as a revolutionary paradigm that will liberate financial dealings and create a decentralized and anonymous system of financial dealings.
What is Blockchain? Blockchain is an encrypted ledger used to store information that can be dispersed without being controlled by any country or company. When applied to international payments, this offers the prospect of more transparent and cheaper transactions globally.
Many observers say cryptocurrencies like Bitcoin and XRP have become excellent and super-highway experiments that have seen the use of blockchain for international payments. Time will tell whether the financial global dominance by the US dollar fiat will stand the test of time as the cryptocurrency continue to push against the US dominance
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