The Londoner

By Sikander Hayat  It is fascinating to understand the creation of money out of thin air by the central banks and governments across the world. How a fiat currency gains credence and what is it backed by is a very interesting subject. How piece of paper or some digits on computer screen can be called money and can be exchanged for physical goods is fascinating to observe. Off course value of such a currency is only valid as long as people trust it. Is there a future for current paper currencies or these are going to be replaced by digital ones. With the meteoric rise of Bitcoin and other cryptocurrencies , it is a matter of time before central banks will have to come up with a mechanism to integrate these into fabric of current currency universe and find a way to regulate them. I assume that the currently cryptocurrencies derive their value from the use by money launderers and criminal element of our societies as it is possibly the best way to make their b...