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The Methods of Reforming the Global Currency and Regulatory System: Innovative Scenarios
Kaftia M. A.

Kaftia, Maksym A. (2020) “The Methods of Reforming the Global Currency and Regulatory System: Innovative Scenarios.” Business Inform 9:262–269.
https://doi.org/10.32983/2222-4459-2020-9-262-269

Section: Finance, Money Circulation and Credit

UDC 330.341

Abstract:
The article is aimed at formulating the most possible prospective scenarios for reforming the global currency and regulatory system. The first scenario is a supra-nationally oriented currency system, which provides for the introduction of non-cash supranational monetary units in the status of the main international reserve means – instead of the U.S. dollar, with a purpose to counteract its chronic depredation. The second scenario of reforming the global currency and regulatory system is its orientation toward the official remonetization of gold, which provides for the restoration of the gold’s monetary status (in a certain modified form) as a universal and natural value benchmark, as well as its transformation into a first-class asset such as cash or government bonds. The third scenario of reforming the global currency and regulatory system is connected with the development of a multipolar currency system. Its material core is the consolidation of national monetary systems in terms of the formation of international currency unions and collective currencies. And finally, the fourth scenario of reforming the global currency and regulatory system is the digitalized currency system. It provides a mandatory component of the introduction of digital currencies – the cryptocurrencies characterized by presence of the computer nodes controlled by blockchain and evenly distributed at the inter-country level. These elements will be used in those elements of currency systems, where it will be possible to achieve savings in the transaction costs of economic agents for settlement transactions and ensure high reliability of the carried out transactions.

Keywords: currency, cryptocurrency, currency system, monetary system, supra-national currency system.

Bibl.: 8.

Kaftia Maksym A. – Postgraduate Student, Department of International Accounting and Auditing, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]

List of references in article

Zhou, X. “Reform the International Monetary System“. BIS Quarterly Review. 2009. https://www.bis.org/review/r090402c.pdf
Stiglitz, J. “The Best Alternative to a New Global Currency“. Financial Times. March 31, 2011. https://www.ft.com/content/c2215510-5bc4-11e0-b8e7-00144feab49a
“Currency Composition of Official Foreign Exchange Reserves (COFER)“. International Monetary Fund, June 28, 2019. http://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4
“Special Drawing Right (SDR). Factsheet“. International Monetary Fund. March 8, 2019. https://www.imf.org/en/About/ Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR
Yermilova, M. “Vozmozhnyye stsenarii razvitiya mirovoy valyutnoy sistemy v usloviyakh vozvrata k ispolzovaniyu dragotsennykh metallov“ [Possible Scenarios for the World Monetary System Development in Conditions of Returning to Using of Precious Metals]. Ekonomist, no. 10 (2012): 4-7.
Koziuk, V. V. Rezervni valiuty: hlobalnyi perymetr nestabilnosti [Reserve Currencies: the Global Perimeter of Instability]. Ternopil: Aston, 2015.
“Market capitalization of Bitcoin from 1st quarter 2013 to 1st quarter 2019 (in billion U. S. dollars)“. Statista. The Statistics Portal. https://www.statista.com/statistics/377382/bitcoin-market-capitalization/
“Number of Blockchain wallet users worldwide from 1st quarter 2016 to 1st quarter 2019“. Statista. The Statistics Portal. https://www.statista.com/statistics/647374/worldwide-blockchain-wallet-users/

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