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If We Were to Have a Global Digital Currency in the next 5-10 years, Who Would Control It?

350 Bankers and financial industry professionals think the United States will be the first to create a global digital currency – not China.

37% of attendees of the ACAMS anti-money laundering (AML) and financial crime conference, when asked by Chainalysis, said they believe the U.S. would be the first to launch the first worldwide digital currency over the next five to ten years.

This “makes sense considering that the U.S. dollar is the world reserve currency,” Chainalysis wrote in a November 6 blog post.

30% believe the world’s first virtual currency would be decentralized, as reported by Modern Consensus. 21% of the vote said China would develop the first global virtual currency.

Only 5.8% of the 350 financial industry professionals believe Facebook’s Libra will be the first –– the same percentage that voted for Switzerland.

“Our belief in the potential of cryptocurrency was echoed by the number of finance professionals who… envision a global digital currency in the near future,” stated Jonathan Levin, co-founder and chief strategy officer of Chainalysis.

This question presents an interesting thought experiment, Chainalysis says. “The top response was the United States, which makes sense considering that the U.S. dollar is the world reserve currency,” they wrote. “If the U.S. controls the fiat dollar of choice for the world financial system, why not the crypto dollar too? China was the other popular nation-state answer, and it’s looking like a decent one as its government made announcements voicing support for blockchain technology in recent days. However, a significant portion of respondents believe that today’s status quo would hold true, and that any dominant future cryptocurrency will remain decentralized.”

Chainalysis is a blockchain analysis company. “We provide compliance and investigation software to the world’s leading banks, businesses, and governments,” the company states on its website. “Our experts in financial crime and blockchain analysis empower customers to derive insights they can act on.”