Abstract
This paper proposes the introduction of a Sovereign Backed Cryptocurrency for Asia called CoinAsia. CoinAsia will be an Asian reserve currency. I analyse the impact of CoinAsia on Asian economies in a scenario where Sovereign Backed cryptocurrencies will be the mainstream bills of exchange. Firstly, the concept of cryptocurrencies (also referred to as cryptocoins in this paper) is explained. Then the concept of Regulated and Sovereign Backed Cryptocurrencies (RSBCs) is discussed. Later, we envisage a scenario where CoinAsia is the main currency of exchange in Asia. Finally, the paper concludes as to why CoinAsia is best suited to be the mainstream bill of exchange which will eventually replace the Dollar as a reserve currency.
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