Sunday, July 23, 2017

Bitcoin is soon larger than the IMF

Special Drawing Rights (ISO 4217 currency code XDR,[1] also abbreviated SDR) are supplementary foreign-exchange reserve assets defined and maintained by the International Monetary Fund (IMF). The XDR is the unit of account for the IMF, and is not a currency per se.[2] XDRs instead represent a claim to currency held by IMF member countries for which they may be exchanged.[3] The XDR was created in 1969 to supplement a shortfall of preferred foreign-exchange reserve assets, namely goldand the U.S. dollar.[3]XDRs are allocated to countries by the IMF.[3] Private parties do not hold or use them.[4]The amount of XDRs in existence was around XDR 21.4 billion in August 2009. During the global financial crisis of 2009, an additional XDR 182.6 billion were allocated to "provide liquidity to the global economic system and supplement member countries’ official reserves". By October 2014, the amount of XDRs in existence was XDR 204 billion.
In dollars the crypto world is larger than IMF special drawing rights.  

If I am a banker then I want to figure this stuff out, including the idea that bankers need a coin independent of the government controlled Fed, If the bankers remain clueless than techies take all their  jobs.

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