Ousting the Greenback: USD Still King as BTC and CBDCs Mount Challenge

[SRShanuka2020]

Ousting the Greenback: USD Still King as BTC and CBDCs Mount Challenge

The global monetary system has been centered around the United States dollar since at least the end of World War II when the 1944 Bretton Woods Agreement formalized the greenback’s ascent to unchallenged dominance. Control over the world’s reserve currency came hand in hand with a boost to the nation’s already enormous geopolitical influence, as well as the ability to run huge deficits at low cost.

Today, a growing chorus of experts believe that the dollar’s hegemony might be in a decline. America’s diminishing share of world trade, the expansion of China’s monetary power and the anticipated digitization of national currencies can all potentially erode the foundations of the incumbent financial order. So, what role could prospective central bank digital currencies and decentralized currencies such as Bitcoin (BTC) play in shaping the new international monetary system?

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[Noverteno]

Indeed, now quite reasonable forecasts are appearing that the dollar exchange rate may fall significantly in the near future. At the same time, the role of the euro and the Chinese yuan may increase. Of course, liquidity and their digitized currencies will increase. Many states are now uniting and creating their digitized regional currency. For example, the digital currency of the South Asian region, which will be provided by the Chinese yuan, the Japanese yen, the South Korean won and the Hong Kong dollar. Singapore wants to join this alliance. Russia also intends to create a similar regional digital currency. These regional stable coins of states will also have a serious impact on the global financial system.