The International Monetary Fund’s (IMF) executive director for Russia says the West’s decision to lock out certain countries from the global payments system is forcing many nations to look for a substitute currency. Aleksei Mozhin says the world has witnessed how the US and its allies used economic and financial sanctions to penalize Russia for […]
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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 […]
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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!
Billionaire Chamath Palihapitiya remains firm in his belief that the US dollar will continue to reign as the world’s reserve currency despite the push by BRICS countries to move away from the USD. In a new episode of the All-In Podcast, Palihapitiya says that while global demand for US government debt is in a downtrend, […]
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China says it’s now signed $582.3 billion worth of global currency settlement agreements that will exclusively utilize the yuan. According to a new report from the Chinese state-backed outlet China Daily, the country’s central bank has inked deals with more than 40 countries and regions since 2016. As for the countries involved in the pacts, […]
The post China To Settle $582,300,000,000 in Yuan Worldwide Amid Push to Circumvent US Dollar: Report appeared first on The Daily Hodl.
BRICS nations can lead efforts to abandon the U.S. dollar in international settlements, according to President Bashar Assad of Syria. At a meeting with China’s top diplomat for the region, the leader of the war-torn Middle Eastern country called for using the Chinese yuan for cross-border trade. Economic Clash With West Requires Discarding Dollar, BRICS […]
Economist Stephen Jen, a former Morgan Stanley managing director, expects a shift “from a unipolar reserve currency world to a multipolar world,” with the Chinese yuan, the euro, and the U.S. dollar forming a “tripolar” reserve currency configuration. ‘A Multipolar World’ Economist Stephen Jen, the CEO of asset management firm Eurizon SLJ, expects multiple currencies […]
The American dollar’s reign as the world’s top currency is coming to an end, and there’s nothing the US can do about it – according to Russian foreign minister Sergey Lavrov. After giving a new speech to the UN Security Council, Lavrov told reporters that a global currency flip is coming like a freight train […]
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A growing number of banking institutions in Russia are offering customers the option to save in Chinese yuan. The trend coincides with declining demand for U.S. dollar and euro deposits amid currency restrictions that triggered a flight of funds to bank accounts abroad. Demand for Dollar, Euro Accounts Expected to Drop Further, Requests for Yuan […]
Fiat currencies of BRICS member states will have no alternative in the future, according to former President of Russia Dmitry Medvedev. Nations in the bloc need to think about their digital forms and a digital currency issued by the group as a whole, the Russian politician said. Ruble, Yuan, Other BRICS Currencies to Take Over […]