On May 26, Jeremy Allaire will be hosting a discussion on YouTube Live with Michael Kumhof (Bank of England), Tommaso Mancini-Grinffoli (IMF), and Dr. Chuanwei David Zou (Wanxiang, PBOC).
The video interview will discuss the concept of, “Full reserve money, the implications of a digital currency and the future of the international monetary system.”
The talk comes at an auspicious time. The Federal Reserve has printed trillions this year. The Bank of England just refused Venezuala access to its gold reserves; and China may soon release its digital Yuan.
Bank of England and Venezuela
The Bank of England holds approximately 400,000 bars of gold in its vaults, worth over £200 billion ($244.6 billion). According to CNN, this makes “It the second-largest keeper of gold in the world after the New York Federal Reserve.”
Due to the coronavirus pandemic, Venezuela tried to access its €930 million ($1 billion) worth of gold that is held on its behalf. The Bank of England has “refused to confirm” that it will give Venezuela access to its gold. As a result, Venezuela’s Central Bank is suing the Bank of England.
As reported by CNN, “Venezuela had asked the Bank of England liquidate the gold and send the funds to the United Nations Development Programme so that the UN agency could procure “healthcare equipment, medicines, and basic foodstuffs.”
China’s digital dollar
It is expected that China may soon release its digital dollar. The digital currency has already been pilot tested in Shenzhen, Suzhou, Xiongan, and Chengdu. So far, the official launch date for the Chinese digital dollar remains unknown.
With the world looking to see what China does next, reports have come in that “Chinese digital dollar scams” have surfaced. Today, Cointelegraph revealed that a token impersonating the Chinese Digital Yuan tried to scam investors and lure them in.
Stephen O’Neal from Cointelegraph says, “Apart from flashy celebrity endorsement, “the e-Yuan” company is advertising a ‘promotion deal’ and promises high returns. It also has various social media app links at the top and bottom of the page, none of which are clickable.”
Billionaire economist Ray Dalio
Yesterday, the billionaire economist Ray Dalio published an article titled, “The Big Cycles Over The Last 500 Years.” Dalio’s article analyzes the rises and declines of the Dutch, British, and American empires—their reserve currencies, hinting that China is about to overtake the U.S.
The chart pictured above, shows that the world is undergoing a major shift in power, with the U.S. on the decline and China on the rise. According to Dalio, the chart plays out “Eight measures of strength—education, innovation and technology,…