Central Banks Face 3 New Dilemmas in the Era of Bitcoin and Digital Currencies

This is a guest post by Sunil Aggarwal. He runs
an online learning solutions company, Theory Frames, and has
taught about Bitcoin and blockchain at the National Academy
of Legal Studies and Research

 in Hyderabad, India.

The global monetary system has reached a unique point in its
history. The money that defines it is undergoing a serious

At one time, there were nearly 200 national currencies, with
the current figure just above 180. For a national currency to
become global money, it has to undergo conversion to other
currencies at the prevailing exchange rate. And outside its
national borders, it is subject to the laws of supply and demand.
A Bangladeshi taka would rarely be demanded on the global market
as compared to the U.S. dollar. So for the global population,
labor output is not measured in reference to any actual universal
money, but by the power centers of different political

This notion of fiat money has dominated the entire 20th
century and continued to do so in the first decade of

Read more ... source: TheBitcoinNews