1 in 5 US households has a foreign-born spouse.
In the UK more than 1 in 5 households has a foreign-born spouse.
3%+ of the world’s total population live outside their country or origin.
1 in 6 Irish live abroad. More than 1 in 10 Kiwis, Mexicans. Polish, Lithuanians live abroad.
4% of the international student population study abroad, with a 12% yony increase expected.
Millenials are changing the world - in the US alone, known for its insularity, 59% of millenials say they would move to another country for work. New family groupings, and family members working abroad change the nature of currency flow.
And for tourists: in 2015 over 1.3 billion people travelled abroad. That compares with 0.6 billion in 1995. Global threats are not deterring us from exploring beyond our local boundaries.
So the stats show how we are living / working / studying / travelling abroad more and more; creating that global village which enriches the individual’s experience. But do we need a global currency? Our ‘home' local currency pays the groceries and local bills. But our personal needs for goods; services; and family money transfers demands a global currency.
The 2-5% ‘service charge’ of using a domestic bank card abroad has sent the savvy towards multi-currency cards, to cut transactional costs. The next step, and the real game-changer, will be a way of paying and receiving ‘one currency’ across borders easily; cheaply; securely; fast.
That really useful ‘one currency’ may be different in different global zones; it may be different for different demographics. But it won’t be just the currency of one country, one FIAT currency. And it won't necessarily be the zeitgeist favourite BTC, either. It will be a 'currency' that has evolved from the traditional banking world, where there is familiarity and trust; and where a specific community can use it freely and fully. I think the 'global currency' will in effect be a currency basket - a portfolio of selected FIAT (and in the future, crypto) currencies. The type of portfolio currently held by Central Banks and UHNW individuals - but not yet the man in the street.
We have carried out extensive research on currency needs, and we want to be led and directed by demand for different currency baskets, and offer an infrastructure ready to respond to the changing face of the global village. That’s what we mean by a global currency.
Written by Linda Leaney - Globcoin CFO
