It is indisputable, the dollar is considered the “global currency” due to its wide usage in global savings, trading key commodities such as oil and issuance and settlement of debts. This might not be the case anymore with the massive disruptions brought about by digital currencies.
In recent months, the race for the development of a central bank digital currency (CBDC) has been accelerating. The latest warning shot was launched by Chinese President Xi Jinping, who publicly stated the need to invest in a core technology like the blockchain.
The International Monetary Fund (IMF) refers to digital currency just once in its 215-page World Economic Outlook for October 2018, but that reference is: "Continued vigorous growth of digital currency assets could form new vulnerabilities in the international financial system (IFS)."
On the surface, Bitcoin appears full of promise. It first presented the opportunity to bring financial freedom to those who no longer deal with traditional finance, or indeed those who could not access the financial system.
Imagine, if you will, a world where free wifi was accessible the world over. From every major city to every far-flung town and lost village, wherever one might go he’d be sure to find the reassuring hum and blink of an active router.
Cryptocurrency is revolutionizing the global economy. Nowhere is this more apparent -- and necessary -- than within the prison financial system. Because it has long been rec-ognized as an inefficient and ineffective method of funding inmates' needs, CellBlocks is undertaking the challenge and transforming the industry.