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What Technology Makes the Denationalization of Money Happen?

Did you know that before the Great Inflation in 1970 happened, governments had been monopolizing the provision of currencies, had been removing their contractual obligations to redeem notes for gold and silver, then eventually significantly increased the now-irredeemable supply of currencies? Obviously, inflation happened thereafter. For centuries, the global money system is still controlled by governments despite their retreat from the classical gold standard. This is still the financial system that we know of today. However, as blockchain technology and cryptocurrencies continuously evolve, things are changing for the better, and the denationalization of money has just been made possible.

The idea of the denationalization of money first came from the Nobel Prize-winning economist F.A. Hayek. In the book he wrote with the same title (The Denationalisation of Money), he argued that the state-monopoly of money must be eliminated to stop periods of inflation and deflation from happening over and over again. He firmly believed that it was the nations' governments to blame for the Great Inflation. He also believed that the solution for the prevention of inflation was to allow currency competition by de-monopolizing and de-nationalizing monies. He proposed that private individuals and businesses should be free to compete with the government-issued irredeemable monies that are already in circulation.

Hayek believed that people should be free to switch to currencies that they found to be better, which should then prompt private issuers to offer superior alternatives in the prospect of gaining more customers, which would then lead to governments lowering their inflation rates or they would lose in the competition with the private issuers. At that time, it was unrealistic. But with the emergence of blockchain technology and cryptocurrencies, this is now possible. This idea is supported by Fintech expert Thomas J. Anderson. In his latest book, Money Without Boundaries, he wrote that blockchain-managed money markets are more transparent and easier to understand, monitor, and eventually, to trust. He postulates that the financial system with money without boundaries in the ecosystem will evolve to be conducted in a 100% trusted, secure, transparent, and open-architecture environment.

A pure free market is this is where it’s going to happen. A pure free market allows everyone to have access to all feasible currencies with value, to survive against any inflation. The Virie Market is one pure free market that is going to make denationalization of currencies possible. It’s a decentralized virtual marketplace where users have the freedom to use any currency they prefer to trade for anything of value, be it goods, services, fiat currencies, and cryptocurrencies. Even its native coin VRE is exchangeable for anything. In fact, for everything. It uses the most advanced blockchain technology to make it easier for all users to have access to their money in the most secured way there is. Read the whitepaper to know more about it, and download the application, to see for yourself how it works. With Virie Market now up and running, the denationalization of money is not too far away from happening.

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