Bank of England Governor Mark Carney, at the Federal Reserve Bank of Kansas City’s Jackson Hole Conference in August 2019, proposed creating what he called a “Synthetic Hegemonic Currency” to replace the dollar as the linchpin of the international monetary system and create a better match between the increasingly multipolar global economy and the global payments system. Carney alluded to the idea that his SHC could be made up of a basket of central bank digital currencies, but he did not provide specifics.