Could We Be Seeing A One-Currency World Soon?

Before this, there was a widespread belief that cryptocurrency would replace the worlds foreign currency. This means that Japan will no longer use the Japanese Yen, and the United Kingdom will no longer use the Great Britain Pound (GBP). Instead, everyone in the world will be using cryptocurrency. That signals the end of the forex market as foreign currencies will no longer be needed in the world.

However, the massive decline in the cryptocurrency markets recently made the public realise that cryptocurrency has not reached a mature stage to act as a total replacement. Many also start to doubt if cryptos previous momentum was based on false promises. Simultaneously, precious metals such as gold also displayed weakness during a weak bear market, suggesting that it is no longer a commodity that could be trusted to fight inflation.

So, why not take a second and start considering the pros and cons of a one-currency world？ Like everything else, there are always two sides to a coin.

In terms of benefits, operating with a single universal currency could allow both parties to save on transaction and conversion fees, trade improvements as a currency could flow without many hurdles, and stable money that could prevent the occurrence of hyperinflation.

On the flip side, its implementation might not be suitable for every country because each country‘s economic condition is different. Consequently, this could also negatively impact a country’s monetary policy as it is difficult to benefit all countries equally.

In summary, despite many would fear the removal of MT4 and MT5 could imply the start of a worldwide currency revelation, the world might not be ready for such a radical change. It could come sometime in the future, but not instantaneously.