WorldMoney - The International Sovereign Backed Cryptocurrency

Abstract

This paper proposes the introduction of a Global Sovereign Backed Crypto-currency called WorldMoney. WorldMoney will be an international reserve currency. We analyse the impact of WorldMoney on economies in a scenario where Sovereign Backed crypto-currencies will be the mainstream bills of exchange. Firstly, the concept of cryptocurrencies (also referred to as cryptocoins in this paper) is explained. Then the concept of Regulated and Sovereign Backed Cryptocurrencies (RSBCs) is discussed. Later, we envisage a scenario where WorldMoney is the main international currency of exchange. Finally, the paper concludes as to how WorldMoney may be best suited to be the International mainstream bill of exchange. It can eventually replace the Dollar as the international reserve currency.

Keywords: Euro, Dollar, Bancor, Bitcoin, Blockchain, Monetary Union, Coinasia

JEL Classification: E5, F02, F33, F45, O19, P45