{"id":595378,"date":"2019-09-24T04:40:59","date_gmt":"2019-09-24T04:40:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/usd-dominance-under-threat-as-digital-currencies-look-to-transform-global-financial-system\/"},"modified":"2019-09-24T04:40:59","modified_gmt":"2019-09-24T04:40:59","slug":"usd-dominance-under-threat-as-digital-currencies-look-to-transform-global-financial-system","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/usd-dominance-under-threat-as-digital-currencies-look-to-transform-global-financial-system\/","title":{"rendered":"USD dominance under threat as digital currencies look to transform global financial system"},"content":{"rendered":"

<\/a> Is the dominance of the greenback under threat as digital currencies look to transform global financial system?<\/b> A fundamental transformation of the global financial system may be underway as the adoption of digital currencies gains traction among governments and central banks across the world, Dave Michaels and Paul Vigna write in the Wall Street Journal<\/a>. Although central banks already issue a form of digital money to commercial banks, the radical idea of digitizing national currencies is an entirely different ball game. Central banks in Sweden, Canada, Switzerland, the Eastern Caribbean, and at the lead, China, are among those exploring how digital currencies could fit into their own financial systems. How the system would be implemented is still a mystery, but the implications could be profound, affecting commerce, interest rates, banking, trade, and individual privacy.<\/p>\n

This spells trouble for the USD status quo. <\/b>The growth of national digital currencies \u2014 faster and cheaper than conventional money \u2014 threatens to undermine the USD\u2019s reserve currency status. Michaels and Vigna suggest that this could trigger a new type of currency war, pitting digital currencies against USD supremacy. While the USD dominance in international trade once made sense when the US accounted for over a quarter of global trade, the status quo no longer fits in a world where the US only produces 8.8% of the world\u2019s exports. Central bankers are slowly beginning to acknowledge this reality, with Bank of Governor Mark Carney calling for a paradigm shift<\/a> at last month\u2019s Federal Reserve Symposium in Jackson Hole.<\/p>\n

Is Facebook\u2019s Libra the spark?<\/b> It may have been Facebook\u2019s unveiling of its Libra cryptocurrency that spurred policymakers into considering state-backed digital currencies, according to the Financial Times<\/a>. Regulators have pushed back hard against the idea that a privately-issued means of transaction could perhaps supersede state-controlled currencies, and G7 countries are now rapidly working to produce a response. Central banks, meanwhile, have been researching the idea for years, with some more circumspect than others. Sweden\u2019s Riksbank has been one of the leaders in the field, and is about to test an \u201ce-krona\u201d in response to falling use of cash. There is more concern in the Eurozone about how a digital currency would impact its banking sector, given its reliance on banks to transfer finance between savers and borrowers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Is the dominance of the greenback under threat as digital currencies look to transform global financial system? A fundamental transformation of the global financial system may be underway as the adoption of digital currencies gains traction among governments and central banks across the world, Dave Michaels and Paul Vigna write in the Wall Street Journal. […]<\/p>\n","protected":false},"author":1,"featured_media":595379,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[204,344,72,1510,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-banking","tag-cryptocurrency","tag-enterpriseam","tag-the-macro-picture","tag-us","wpautop","entry"],"acf":{"mongo_id":"158c2d1e-e7cb-4bd6-8bc4-342d43cc0816","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/258.jpg","photo_position":"above","related_issue":[595357],"teaser":"","voice_url":""},"yoast_head":"\nUSD dominance under threat as digital currencies look to transform global financial system - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/usd-dominance-under-threat-as-digital-currencies-look-to-transform-global-financial-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USD dominance under threat as digital currencies look to transform global financial system\" \/>\n<meta property=\"og:description\" content=\"Is the dominance of the greenback under threat as digital currencies look to transform global financial system? 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We know, we\u2019ve talked about this possibility what seems like two dozen times before \u2014 and the world has speculated that the USD would exit stage right for at least forty years. 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As a result, central\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/409.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596783,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/emerging-markets-to-reap-the-benefits-of-a-fed-rate-cut-bloomberg-survey\/","url_meta":{"origin":595378,"position":3},"title":"Emerging markets to reap the benefits of a Fed rate cut -Bloomberg survey","author":"enterpriseam admin","date":"8 July 2019","format":false,"excerpt":"Emerging markets to reap the benefits of a Fed rate cut -Bloomberg survey: Emerging market equities, bonds, and currencies will reap the benefits if the world\u2019s major central banks go ahead with expected rate cuts, according to a quarterly poll of 42 fund managers, traders, and strategists conducted by Bloomberg.\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2360.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567519,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/26\/stablecoins-probably-arent-the-answer-to-financial-inclusion\/","url_meta":{"origin":595378,"position":4},"title":"Stablecoins probably aren\u2019t the answer to financial inclusion","author":"enterpriseam admin","date":"26 January 2020","format":false,"excerpt":"Here\u2019s why Libra and \u2018stablecoins\u2019 probably aren\u2019t the answer to financial inclusion: The noise from the Libra hype train has been noticeably quiet these past few months. Having emerged last year with a swashbuckling raison d\u2019etre to overturn the global financial system as we know it, successive beatdowns from regulators\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/694.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590699,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/what-impact-would-a-central-bank-cryptocurrency-have-on-our-global-banking-system\/","url_meta":{"origin":595378,"position":5},"title":"What impact would a central bank cryptocurrency have on our global banking system?","author":"enterpriseam admin","date":"31 December 2019","format":false,"excerpt":"What impact would a central bank cryptocurrency have on our global banking system? China\u2019s upcoming issuance of a central bank-backed cryptocurrency, which could happen in 2020, has the potential to profoundly disrupt the banking sector \u2014 with global impact, writes Andy Mukherjee in a Bloomberg opinion piece. The digital RMB,\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/792.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=595378"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595378\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595379"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595378"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595378"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}