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Transition of the Monetary system: Evolving from Fiat Currencies to Product- Based Currencies

The current global monetary system, largely based on fiat currencies, is fraught with challenges including inflation, currency devaluation, and economic instability. This paper proposes a revolutionary approach to reform the monetary system by creating distinct currencies for each major economic product and sub-currencies for sub-products. Such a reformation could enhance price stability, increase trade efficiency, incentivize production, and reduce economic disparities. This study explores the potential benefits, challenges, and implications of this system, drawing on recent literature and economic theories to provide a comprehensive analysis.

GSJ: Volume 12, Issue 7, July 2024
ISSN 2320-9186 1796
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