Does Global Trade Need A Global Currency?


Rimas Kapeskas

Our world is getting smaller, flatter and more connected every day.

The rise of e-commerce has empowered consumers and changed the landscape for buying and selling goods, while transforming the worldwide economy.

This omnipresent demand for goods, regardless of the market, will soon get even more intense.

However, the current payment, clearing and settlement systems are major bottlenecks to the flow of global trade. They are inefficient, have long settlement times and high-cost fees and exchange rates.

Today’s technologies have enhanced the global exchange of information about goods and bolstered transportation networks moving items across borders. People around the globe have access to virtual marketplaces that feel borderless.

But consumers are still stuck in the credit card age of payments for those transactions. Sure, credit cards have been around for 65-plus years. But they are ripe for a technological leap.

Breaking down barriers

[pullquote align=right] A unified, global currency…

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