The chief executive of Russia’s second-largest bank says that the US dollar is on the verge of losing its role as the world’s dominant currency amid the rise of the Chinese yuan. In a new interview with Reuters, VTB Bank CEO Andrey Kostin says the move by the United States and its allies to block […]
The post US Dollar Dominance Is Coming to an End, Time For Chinese Yuan To Advance Has Arrived: CEO of Russia’s Second-Largest Bank appeared first on The Daily Hodl.
A new survey from an American think tank shows an overwhelming majority of US adults are against the adoption of a central bank digital currency (CBDC) that allows the government to track and control their financial activities. The Cato Institute, in collaboration with market research firm YouGov, collected responses from 2,126 US adults between February […]
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China says it’s fully backing a major expansion of the global economic alliance known as BRICS. The country is ready to “bring more like-minded partners” into BRICS, which currently consists of Brazil, Russia, India, China, and South Africa, says Chinese foreign ministry spokesperson Mao Ning. The state-backed outlet China Daily says Ning made the statement […]
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US government debt is projected to skyrocket over the next decade as consumers cross an all-time high in debt accumulation. Citing data from the New York Fed’s quarterly report on household debt and credit, business data provider Statista says that the total household debt skyrocketed to a historic high of $17.05 trillion in Q1 of […]
The post US Government Debt To Surpass $51,990,000,000,000 by 2033 As Current Consumer Debt Shatters $17,000,000,000,000: Statista appeared first on The Daily Hodl.
The chief executive of a $5.61 billion private investment firm warns the crisis in the banking sector is not yet over. In a new Bloomberg Invest interview, Soros Fund Management CEO Dawn Fitzpatrick says that more bank failures are in sight as she believes the embattled sector is still flashing red flags under the hood. […]
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In our latest Cointelegraph Report, we analyze the causes leading to the decline of the U.S. dollar as the world reserve currency and its potential implications.
De-dollarization, the decline of the United States dollar as the world’s dominant reserved currency, is underway, and it’s gaining momentum.
For over 100 years, the U.S. dollar has been the world reserve currency, which means it has been the dominant foreign currency held by central banks to carry out international transactions and settle international debt.
However, in the last 20 years, the dollar’s dominance in countries’ reserves has decreased from 70% to under 60%, according to the International Monetary Fund.
This trend has been accelerating since last year, when the U.S. and its allies froze Russia’s dollar reserve as a response of the country’s invasion of Ukraine.
Since then, several countries have been looking for alternatives to the U.S. dollar. Some are discussing the creation of new currencies for international trade, while others are buying an increasing amount of gold to diversify their reserve.
Bitcoin (BTC), a nascent asset with many of the characteristics of gold, may also benefit from this trend in the long run.
To know more about the causes and implications of the U.S. dollar decline and the assets that will benefit from it, watch the latest Cointelegraph Report on our YouTube channel and don’t forget to subscribe!
Cuban President Miguel Diaz-Canel says the economic coalition known as BRICS could bring an end to the current world order dominated by the United States. In a new interview with RT, Diaz-Canel says that BRICS offers a way out for countries that are being pressured into accepting the United States’ hegemonistic policies. According to Cuba’s […]
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America’s “Fiscal Responsibility Act” will hasten a collapse of the US dollar and force Americans to take the brunt of its fallout, according to former Congressman Ron Paul. In a new statement, Paul says that the deal, which suspends the US government’s debt ceiling for two years, will be felt by regular citizens in the […]
The post Collapse of US Dollar Dominance Will Be Accelerated by ‘Irresponsible’ Debt Ceiling Deal: Ron Paul appeared first on The Daily Hodl.
Financial behemoth JPMorgan says the trend of de-dollarization is gaining steam as central banks around the world unload their US dollar holdings. In a new Reuters report, JPMorgan strategists Meera Chandan and Octavia Popescu say that the dollar’s share in central banks’ foreign exchange reserves has dipped to 58%, a record low. JPMorgan analysts also […]
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JPMorgan applies blockchain to interbank U.S. dollar transactions in India amid growing signs of global de-dollarization.
Global financial services company JPMorgan continues exploring the benefits of blockchain, deploying the technology to eliminate some restraints of traditional finance.
The banking giant has partnered with six major Indian banks to introduce a blockchain-based platform enabling interbank settlement of U.S. dollar transactions, Bloomberg reported on June 5.
The participating banks include HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPMorgan’s own banking unit at Gujarat International Finance Tec-City, or GIFT City.
The blockchain project aims to expand the capacity of the existing settlement system, JPMorgan’s senior country officer Kaustubh Kulkarni said. According to the exec, the platform will allow the banks to process instant transactions 24 hours a day, seven days a week.
Under the current interbank settlement system, transactions could take up to several hours. Additionally, settlement is not available on Saturdays, Sundays or public holidays. JPMorgan’s blockchain pilot will remove this barrier, Kulkarni claimed, stating:
“By leveraging blockchain technology to facilitate transactions on a 24x7 basis, processing is instantaneous and enables GIFT City banks to support their own time-zone and operating hours.”
The initiative also aims to help New Delhi position the GIFT City as an alternative trading center to Singapore and Dubai, the report notes.
According to Kulkarni, JPMorgan will run a pilot project for the next few months to analyze banks’ experience. The pilot project will be launched on Monday, using JPMorgan’s blockchain platform Onyx, after approval from the International Financial Services Center Authority.
Related: JPMorgan Chase enters generative AI race with IndexGPT trademark
As previously reported, JPMorgan launched its Onyx blockchain-based platform in 2020, aiming to improve the quality of wholesale payment transactions. The bank reportedly processed nearly $700 billion in short-term loan transactions via Onyx as of April 2023.
The news comes amid JPMorgan currency strategists pointing out some signs of emerging de-dollarization. “De-dollarisation is evident in FX [foreign exchange] reserves where the dollar’s share has declined to a record as share in exports, but is still emerging in commodities,” the strategists said.
Magazine: Bitcoin is on a collision course with ‘Net Zero’ promises
