Asset sovereignty: a problem to stump Solomon
When states have rival governments, who owns central bank assets?
In early September, the National Unity Government of the Republic of the Union of Myanmar unveiled plans to launch its own cryptocurrency. The NUG said it would deploy about $1 billion in Myanmar’s central bank reserves as a base for the digital currency. These reserves, like the foreign assets of many central banks, are held with the Federal Reserve Bank of New York.
The problem is that the NUG is not, according to the rest of the international community, the government of Myanmar. It is a
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