Category: national currencies

National currencies will become less due to the Bitcoin evolution

There are currently 162 national currencies worldwide. Many of them are obsolete and will have disappeared within the next few decades. The reason for this is that more and more states are joining together to form monetary unions. In addition, there are currency substitutions such as dollarisation as in Panama, Ecuador and El Salvador. The euro has already reduced the number of national currencies by 18, thus significantly restricting forex trading and the underlying assets in binary options trading. Providers such as forextest.net therefore notice a sharp decline in the diversity of foreign exchange trading when comparing the offers of the various brokers. In addition, there are 9 other possible future euro states, so that the number of European national currencies could fall further. Also South America, Africa, the Gulf states and Asia could realize plans of a uniform currency in the future.

Africa plans Afro by 2028 through the Bitcoin evolution

The Abuja Treaty of 1991 established the African Economic Community and covers almost all of Africa. The treaty provides for the introduction of Bitcoin evolution Afro by the African Central Bank by 2028. Egypt, Swaziland and Lesotho, however, expressed their support for a delay of up to three years at the beginning of 2008. Cape Verde and the Seychelles want to consider joining at a later date due to economic fears. Africa already has the common Bitcoin evolution currency area of South Africa, Swaziland, Lesotho and Namibia.

Single currency in Latin America has so far failed due to lack of Bitcoin evolution

At the three summits of the 12 South American presidents, the DeclaraciĆ³n del Cusco was adopted, which wants to implement a common market and a Bitcoin evolution common currency in addition to a South American parliament. However, concrete plans and timeframes for implementation do not yet exist. The reason for this is also the lack of cohesion due to different political orientations. While some South American states work closely with the US, this is problematic for the left-wing states. They introduced the Bitcoin evolution at the beginning of 2010, which after all represents a common calculation currency, but currently exists only as book money. The aim is to reduce dependence on the dollar. In contrast, Ecuador and El Salvador have already separated from their national currencies and are treating the US dollar as their only means of payment.

However, the Union of South American Nations, which was signed by twelve South American states in 2008, offers hope for a currency unit.

The Gulf currency area
The Cooperation Council of the Arab States of the Gulf was founded in the 1980s due to the difficult political situation in Iran and Iraq and provided for the introduction of a single currency by 2010. However, the timetable could not be met. After the surprising announcement at the end of 2013 of the introduction of the single currency within just one month, the press release was revoked shortly thereafter. It remains unclear exactly when the single currency of the Gulf states will be introduced. However, it is considered relatively certain that a single currency will be implemented sooner or later.

Asian monetary union not currently planned
The Asian Currency Unit (also ACU) is to apply to the ten countries of ASEAN, the People’s Republic of China, Japan and South Korea. The model for the ACU is the European Currency Unit. The step towards a common currency is currently not planned. The ACU, on the other hand, is to function more as a currency basket and show regional exchange rate fluctuations.

Caribbean Community
The Caribbean Community is an international organisation founded in 1973. Although there is currently no concrete plan for a monetary union of the 14 states, this cannot be ruled out for the future because of the close economic ties.