The FED sees cryptocurrencies as a threat to the dollar’s dominance
Experts of the Federal Reserve System positioned cryptocurrencies and digital assets as one of the threats to the international dominance of the dollar.
In “The International Role of the U.S. Dollar” the heads of the FED’s International Finance Department noted that the dollar’s position in the world has remained stable over the past 20 years. In the near future the dollar will hold its position. But in the long term, its position may be affected by three factors: the Chinese yuan, the euro and digital assets.
The following was said about the impact of digital assets:
A shifting payments landscape could also pose a challenge to the U.S. dollar’s dominance. For example, the rapid growth of digital currencies, both private sector and official, could reduce reliance on the U.S. dollar.
However, FED experts considered it unlikely that “technology” alone could affect the dollar’s dominance.
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