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Over 35 years experience working in oil and gas accounting with privately held oil and gas producing companies. Also have a blog that covers monetary system issues and the potential for major future monetary system change. (http://lonestarwhitehouse.blogspot.com/)  - email: ... more

What Does the Future Hold for Monetary System Change?

Date: Friday, December 1, 2017 10:25 AM EDT

Most of the action this year in terms of change to the existing monetary system has revolved around various payment technologies and alternative currencies. We have seen virtually no public movement of any kind by central banks and/or the IMF towards any major changes in the global monetary system. 

 

They seem to be in the midst of researching and studying the various new technologies arising in an effort to decide when and if to go forward with their own new versions of digital currencies. Based on the best information available at this time, here is a bullet point list of where things seem to stand.

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- we may see the first central bank digital currency arise in 2018. I am keeping an eye on Singapore for that, but Russia or China could always pop up with something because we know they are looking at it and that they are somewhat opaque in terms of releasing news (see latest on Singapore here)

 

-the IMF seems interested in the new technologies emerging and open to the idea of eventually looking at a digital version of the SDR (the so called IMF Coin). This article in Street.com says don't look for this any time soon (as we have also suggested here).


-while central banks and the IMF continue to study things and monitor events, private initiatives to move forward with new virtual currencies and payment systems continue. We reported on the IBM-KlickEx-Stellar launch of a cross border payments system that could be used by central banks as well in the future.


- we also reported on another new technology payments venture that hopes to re-introduce the concept of using gold like money again. Glint CEO Jason Cozens gave us this interview to publish here on the launch date for Glint . Glint allows people to pay for things using gold anywhere MasterCard is accepted.

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