Özet:

Aim: The aim of this study is to determine the size of the US Dollar seigniorage and to assess whether this will be affected by the rise of crypto currencies. Method: In this multidisciplinary work, we analyze, as yet unfamiliar, whether the virtual or crypto money mechanism is potentially capable of undermining the hegemony of the US dollar in global terms at the conjecture of manifold concepts such as hegemony, paradigm crisis, general seigniorage and Gresham money theories. Gresham Quantity Theory, known as the monetary balance theory, reveals that the real and financial sectors depend on a number of parameters in a certain balance. In other words, you cannot print unlimited money unless your money is a reserve money, exchange and investment tool by foreign countries. Countries like the USA, which provide this strong advantage, have achieved a difficult and unfair competitive advantage on a global scale. While such countries can meet all their current account deficits and budget deficits with the printing of money called open financing, the negative effects of this can be reflected in weak economies that are becoming increasingly dependent. Many developing countries such as Turkish Lira (TL) are suffering for national currency devaluation. That is why the US government has acquired a paramount advantage that any other country cannot cope with. The developments in the cryptocurrency market are seen not only as a parallel to the spread of the internet, smartphones and the ability to operate in the digital world, but also as a safe haven from central financial regulators and central banks. While current developments cannot yet prove that digital currencies like Bitcoin will be a long-term investment, serious perception operations continue to be carried out as cryptocurrencies. Many countries have initiated the necessary legal and administrative processes to prepare their own national official cryptocurrency. Blockchain, the technology behind the idea of digital currency, can be seen as a definitive model for decentralized electronic economic transactions. However, as the system is not fully settled in relation to cryptocurrencies, the fact that it was seriously depreciated in 2018 caused some doubts and an atmosphere of insecurity in this sense. However, it can be said that it may recover again because of its upward movement in early 2020. The national currencies in the manual environment also have to move to virtual and crypto-centric e-government trends, outomated information&control systems and methods in the same way. Particularly after the COVID19 pandemic, due to the risk of infection from paper money, there has been discussion about the Bill of House in the US Senate for the legislative structure that facilitates the use of Digital Dollar. In addition to the claims / accusations made by reputable scientific authorities and politicians in many developed countries that COVID-19 has been artificially developed to create an environment for Industry 4.0 applications, to install microchips to people and increase the use of crypto currencies. Result: Blockchain technology based on crypto currency engineering is being used to prove the existence of a document or a document at the same time with various electronic money applications called Bitcoin, which paves a new way that challenges national currencies and seigniorage. It has been concluded that the crypto currencies have the potential to disrupt the countries' reserve money practices and the US dollar. However, considering the news that the Fed Central Bank has prepared the necessary infrastructure for the Digital Dollar, it is possible to say that the probability of continuing the seigniorage caused by the use of the US dollar globally is also strong. When considered in terms of Turkey, a serious implementation of monetary and fiscal discipline programs, commitment to the fight against inflation, to protect the image of the TL's strong currency, to continue the policies that gave confidence to investors, fundamental issues such as the creation of infrastructure for legal and technical for the national digital money, are the most important ones. Serious monetary and fiscal discipline implementation of the government is of great importance especially for foreign capital to secure itself and foresee the future with hope. This is closely related to the trust in institutions and the rule of law. However, the fact that the foreign trade deficit remained around $60 billion indicates that the import coverage ratio should be increased continuously. This can also be considered as an issue closely related to getting out of the middle-income trap. For this, it is necessary to prepare the legal and technical infrastructure for the national crypto money, to encourage the consumption of domestic goods, to provide a hundred percent domestic goods condition in public procurements, to save money by eliminating waste and unnecessary expenses and to increase the international competitiveness by removing the obstacles to the real economy. Increasing the confidence index, eliminating public order problems, supporting the culture of cooperation and facilitating the partnership processes are of great importance in this regard. This is undoubtedly closely related to the dissemination of systematic and institutional practices of public institutions and organizations, which should be operated through competent personnel employment and strictly adhered to the state of law standards. It is not possible to protect the reputation of the national currency in the medium and long term without correcting the current account deficit,ining capital transfers from outside, focusing on the same common goals socially, eliminating waste of resources and closing the public budget deficit.

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