JP Morgan: CBDC Threatens Hegemony of US Dollar

[SRShanuka2020]

JP Morgan: CBDC Threatens Hegemony of US Dollar

JPMorgan believes the central bank digital currencies, or CBDC, could pose a threat to the global hegemony of the US dollar.

According to a report covered by Bloomberg, the bank’s chief U.S. economist asserted that “[t]here is no country with more to lose from the disruptive potential of digital currency than the United States.”

“This revolves primarily around U.S. dollar hegemony. Issuing the global reserve currency and the medium of exchange for international trade in commodities, goods, and services conveys immense advantages,” the report added.

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[Fenix]

In my opinion, the US government will only benefit from creating its own digital dollar. Various commercial entities create their own stable coins with collateral in US dollars, but the US government is on the sidelines and does not benefit from it. The digitized currency provides the state and its citizens with additional opportunities and amenities. Therefore, the US government will benefit from the introduction of the digital dollar.