Suggestion Arose to Switch U.S. Dollar to Virtual Currency Similar to Facebook's Libra

Bloomberg reported, Mark Carney, the governor of the Bank of England suggested at the U.S. Federal Reserve in Jackson Hole, Wyoming on Sunday that the U.S. dollar's position as a reserve currency should be changed to a virtual currency similar to Facebook's Libra.

Britain's central bank governor Carney warned that because there is limited policy room, increased economic policy uncertainties, protectionism and the impact of wealth are not sufficiently offset, deflationary pressure on the global economy will be put on the global economy. He added that the central bank should deal with the current situation in the short term, but it needs to take dramatic action in the long run.

As a concrete measure, Carney appealed to the U.S. dollar to replace its position as a reserve currency in the world with Facebook's Libra-like virtual currency. It also argued that this was a better option than to replace other non-exchange currencies such as the yuan with dollars.

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