It’s odd to think that currencies first started as ideas and concepts that need to be proposed, approved and accepted, rather than something that just is. However, the euro is a great example of a historically recently proposed currency that successfully completed the transition from concept to actualization. Here’s a list of theoretical currencies in the works.
The amero is a proposed currency unit for North America. It would include Canada, the United States, and Mexico – effectively replacing the Canadian and US dollars and the Mexican peso. While the amero would make travelling throughout North America a little simpler, it is unlikely that the amero will ever see the light of day. Given the strength of the US dollar, the States have little to gain by adopting a new currency. Additionally, Canadians are rather attached to their own sovereignty – so the idea is pretty unpopular.
The proposed African Monetary Union is the potential currency unit for the African Union. It is called “afro” or “afriq” and would be similar to the euro. The afro, or something similar, is an actual plan in the works with the goal of establishing an African Economic Community with a single currency by 2023. The afro would effectively replace the West African franc and the Central African franc as well as the South African rand.
Asian Currency Unit
The Asian Monetary Unit (AMU) is a proposed currency basket like the euro’s predecessor the European Currency Unit. The proposed currency basket first included Japan, South Korea, China, and the 10 currencies that are part of ASEAN (Association of Southeast Asian Nations). The proposal has since been modified to include New Zealand, India, and Australia, which are strongly connected to Asian trade. AMU would not replace any currency. Rather, it would create complete trade balance among member countries.
The Caribbean guilder is the proposed currency for the Caribbean islands Curaçao and Sint Maarten (which are both constituent countries of the Kingdom of the Netherlands). The introduction of the Caribbean guilder has been put on hold several times throughout various negotiations since its inception. The most recent reason for the pause being that Curaçao wants their own central bank. The Caribbean guilder (CMg) would be pegged to the US dollar at the same exchange rate as the Netherlands Antillean guilder (the currency the Caribbean guilder would replace).
East African Shilling
The East African shilling is the proposed currency for the East African Community. The name was taken from the currency issued in British-administered territories in the region from 1921 to 1969. In 2010, the EAC made the goal of creating a common currency with the hope of introducing it within the next decade or so.
Eco is the name of the proposed common currency for the West African states. After its introduction, the goal is to eventually merge the eco with the West African franc.
Khaleeji, meaning “of the Gulf” in Arabic, was the proposed name for the common currency for the states of the Gulf Cooperation Council for the Arab States. In 2009, the name was rejected. However, a new name has not been introduced. This proposed currency would replace the
Bahraini dinar, Kuwaiti dinar, Omani rial, Qatari riyal, Saudi riyal, and the United Arab Emirates dirham.
In December 2016, the Iranian government approved the central bank’s proposal to replace the country’s official currency (the rial) with the toman. However, Iran is in no rush to make the change – the name and value is expected to change in about 80 years. The toman was the currency in Iran until 1932 when it was replaced by the rial – so really, it’s just changing back.
In Spanish, SUCRE stands for Sistema Unitario de Compensación Regional, which translates to Unified System for Regional Compensation and it’s the proposed regional currency for commercial exchanges between members of the Bolivarian Alliance for the Americas (ALBA) trade bloc. Members include; Antigua and Barbuda, Bolivia, Cuba, Grenada, Nicaragua, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Venezuela, and “guest member” Suriname. Ecuador was a member but withdrew in August 2018. The SUCRE was first used as a virtual currency in 2010.
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