The Methods of Reforming the Global Currency and Regulatory System: Innovative Scenarios

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