Former Greek Finance Minister: IMF should consider issuing Libra-like cryptocurrencies

Former Greek Finance Minister Yanis Varoufakis recently published a comment on Libra. The article said that it is good for large companies such as Visa and PayPal to withdraw from the Libra Association. If Facebook is allowed to use Libra to privatize the international payment system, then humans will suffer. But governments now trying to stifle Libra should look to the future and use it to do something innovative, useful and far-sighted: hand over Libra or its core concepts to the International Monetary Fund (IMF) so that it can be used to reduce global trade. Unbalance and rebalancing the flow of funds. In fact, Libra-like cryptocurrencies can help the IMF achieve its original goals. The trick is to entrust the IMF to implement this idea on behalf of its member states with a view to reshaping the international monetary system. The article suggests that the IMF can issue a blockchain-like Libra-like cryptocurrency (which can be called Kosmos) whose exchange rate is free to float with the national currency. People continue to use their national currency, but all cross-border trade and capital transfers are denominated in Kosmos and are carried out through their central bank's IMF account. All international transactions will become frictionless and completely transparent.