Narrative Watch: The Game of Coins & The Battle Over The Global Reserve Currency
In the game of coins, you [replace the USD as the world's reserve currency or at least shore up your sovereign currency's position in the new global mix] or you die.
Over the last few months, we've seen China accelerate work on its digital currency; Binance launch Venus, a regional alternative to Libra; Tether (reportedly) working on a China yuan pegged stablecoin; and now, one of the world's best known central bankers has proposed a "synthetic hegemonic currency" to replace the USD as the world's global reserve currency. What does it all mean?
