Recently, a large number of international media exposed the trademark audit approval of the ACU by 27 EU countries, which is the first major breakthrough in monetary policy since the euro became the only legal currency of the EU in 2002.
According to the legislations of the European Union, the EU trademark is a sign of identifying and distinguishing goods or services, which is under the stipulation of CTMR conditions and registered by OHIM, and valid within the European Union.
This is equivalent to the ACU has a registered mark in any EU country, that is, the trademark is protected by all EU member States. This is aimed at fighting for the hegemony of US dollar, alongside with the ACU, some experts said.
It is well known that the US dollar is the symbol of economic and national strength of the United States. Since the formally establishment of the Bretton Woods system in 1944, the US dollar became the hard currency of global trade relying on the Bretton Woods system and the monetary system based on gold. Even though the Bretton Woods system completely collapsed in 1971, the US dollar became the intermediate currency of international trade with its control over oil and the global financial system. the US dollar’s privileges was defaulted by the world’s major economies after the Jamaica agreement in 1976.
It is the privilege of the US dollar that has created the overall advantage of the United States in international financial and trade, and the US dollar has naturally become the main foreign exchange reserve currency of the world.
The Fed had two consecutive interest-rate cut in August, which was triggering the world to sell their US dollar foreign exchange, and even in this situation that sorely lack of trust, the US dollar still occupies a 67% share of the global foreign exchange reserve currency. It shows how powerful the US dollar hegemony is, which is made by the privilege of the US dollar. So in order to maintain the hegemony of the US dollar, the attitude of the US dollar towards other strong currencies can be imagined.
The financial crisis of the United States broke out in 2008, when the euro skyrocketed from 2% to about 10% of global foreign exchange reserves in 2002, with a faint trend to compete with the US dollar. In order to keep the financial position of US dollar in the economic crisis, the United States made every effort to suppress the euro, and triggered the European debt crisis. The loots aiming at the euro in succession made it badly hurt and weakened for five years, until 2018, the euro has become the second largest global foreign exchange reserves currency again, accounting for about 20% of the total share of global foreign exchange reserves.
It is not difficult to see that the euro will inevitably face another blow from the US dollar in the future, the Thucydides trap between strong currencies is inevitable. If the euro wants to compete positively with the US dollar, bringing the Asian dollar along may be the wisest choice.
The Asian dollar is a currency concept put forward by Robert Mundell, a Nobel Prize winner in economics and known as the father of the euro. It’s aiming at integrating the powerful
economies all over the Asia, and launching a unified legal currency just like the euro.
However, due to the complexity of the Asian area, the conception of the Asian dollar has not been achieved so far. Although the road to the ground of the Asian dollar is so rugged, the GDP growth rate of Asian countries at present is much higher than the average level of the world, so the potential of the Asian dollar is undoubtedly huge.
According to relevant media reports, the Asian Digital Currency Limited, which is registered in Hong Kong, is the current owner of the Asian dollar ACU trademark, if combined with the
announcement of the RMB digital currency reported by central bank in July 2019，is exactly another interpretation of the
the Asian dollar’s future, That is, the ACU will participate in the global economy in the form of digital currency. In addition, the Asian Digital Currency Limited is supported by capital-backed, and has already had an arrangement over 16 countries in Asia. Obviously, this layout has far exceeded the strength of a joint-stock company, the dominant player behind it seems to be on the horizon.
With the combination of the euro zone and the ACU zone, the total population is more than 4 billion, accounts for 53.3 % of the world’s total population, which is on a par with the US dollar. In the foreseeable future, the ACU , which has existed for nearly 20 years, will truly land in the form of block chains and digital currencies, and will become a new engine for global economic development.