Establishing International Monetary System Version 3.0 to Solve Triffin Dilemma

Abstract

International Data Currency, abbreviated as Digital Currency, is issued by the United Nations. The first issue of “digital currency”, which anchors globally, is the sum of “foreign exchange cash” + “foreign exchange reserves” + “small amount of gold reserves”. Every year, “digital currency” is issued to anchor the weighted average of the three “data elements” including “①International trade annual increment + ②International investment annual increment + ③United Nations’ annual budget” globally, anchoring no physical assets anymore. Each contracting party of the International Monetary Convention shall apply for “digital currency” from the United Nations in accordance with regulations based on the sum of items ① and ② of their respective fiscal years. On the basis of IMF and others, Monetary Agency of the United Nations is supposed to be established. Besides, the International Data Currency Trading and Settlement Platform is supposed to be established based on SWIFT and other technologies. The United Nations charges a “service fee” for each transaction through various systems, which can replace the membership fee. All external debts of debtor countries shall be exempted. The credit limit of each creditor country shall be fully repaid by the United Nations in digital currency. “International Monetary System Version 3.0” shall be established to solve Triffin Dilemma.