Can Bitcoin be Justin Lin’s Pure Gold?

Economist Justin Lin Yifu wants to replace the global currency system with a modern version of a gold standard but says digital currencies won’t work. He should reconsider.

Justin Lin Yifu proposed “pure gold” as an alternative to the US dollar-dominated global international financial system two years ago. Lin served as chief economist to the World Bank during the global financial crisis and his criticisms and observations at the time, often dismissed in the West, have now become respectable and even obvious. But his most ambitious vision may have been superceded by Bitcoin.

Pure Gold, meant to get around the problem of nation states manipulating currencies used by others as a reserve, is based on a supranational central bank that would be responsible for determining when and how much of the global currency to print.

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