One currency to rule them all? That seems unlikely, frankly

News of new multi-national currencies in South America and Asia leads me to speculate once again: Are we on the way to more, not fewer, currencies because there will be different digital currencies designed for different purposes? The technologies of cryptocurrency mean that literally anyone can create money. But who will? And Why?ShareUnionsThere are four currency unions in the world right now — not only the Euro but also the Central African Economic and Monetary Community, the Eastern Caribbean Currency Union  and the West African Economic and Monetary Union — and perhaps more currency unions just around the corner. There has been talk about a common currency for Gulf states for decades, for example, and who knows if this might be revived in the context of digital currency.What are these unions for? Well, countries benefit in various ways from belonging to a currency union—a group of countries that share a single currency. Businesses can trade and invest across borders more easily. Member countries gain access to larger markets without facing currency risk. And in some circumstances, currency unions can help support their members when they are hit by external shocks. Such unions usually go hand in hand with deeper economic integration. But does that automatically mean more international trade? It seems so. Research shows that since the end of WWII, currency unions have on average been associated with 40% more trade between member countries.(The gain is not spread evenly though: the ‘thin’ relationships between countries who do not trade much with each…One currency to rule them all? That seems unlikely, frankly