Cointime

Download App
iOS & Android

The Rise of CBDCs Could Lead to the End of the Dollar-Based International Monetary System

  • Wechat scan to share

Brazil's adoption of central bank digital currencies (CBDCs) may lead to de-dollarization and a shift away from the dollar-based international monetary system in the next decade, potentially creating a multi-currency world. Economist Zoltan Pozsar suggests that CBDCs could reduce global demand for dollars and displace correspondent banks. The US should leverage the soft power aspects of the dollar's dominance, reserve official digital dollars for cross-border settlements, and avoid following China's centralized digital currency model, instead allowing decentralized models with crypto technology for domestic use.

Comments

All Comments

Recommended for you

  • BRAYDEN LINDREA ·

    North Carolina bills would add crypto to state’s retirement system

    North Carolina lawmakers have introduced twin bills in the House and Senate which could see up to 5% of crypto assets allocated to state retirement funds.
  • Cheyenne Ligon ·

    SEC’s Crypto Task Force Will Host 4 More Industry Roundtables

    The roundtable discussions will include conversations on tokenization, DeFi and crypto custody.
  • Stephen Moore ·

    Crypto influencer Ben ‘Bitboy’ Armstrong arrested in Florida

    The influencer claimed on March 21 that he had a warrant for his arrest over emails to a judge.
  • Turner Wright ·

    Ripple will drop cross-appeal in SEC case, get refund from lower court ruling

    Ripple chief legal officer Stuart Alderoty said the firm had agreed to drop its cross-appeal with the SEC and will be refunded roughly $75 million from an August 2024 judgment.
  • Bybit Receives In-Principle Approval to Establish Virtual Asset Platform in the United Arab Emirates

    Bybit, the world's second-largest cryptocurrency exchange by trading volume, has announced that it has received In-Principle Approval (IPA) from the Securities & Commodities Authority (SCA) of the United Arab Emirates (UAE) to operate as a Virtual Asset Platform Operator in the UAE. The approval, dated February 18, 2025, signifies a significant milestone in Bybit's efforts to provide a secure and compliant platform for crypto traders in the region. Bybit is now in the final stages of obtaining its fully operational license, demonstrating its commitment to meeting regulatory and compliance standards. This authorization brings Bybit closer to offering a wide range of digital asset services to retail and institutional clients in the UAE, aligning with its goal of fostering a compliant and innovative digital asset ecosystem. Bybit's progress in the UAE complements its existing regulatory approvals in the Middle East and reflects its dedication to compliance in key financial hubs worldwide.
  • Trump: Plans to impose 25% tariffs on Canadian and Mexican goods starting February 1

    On January 30th local time, US President Trump stated that he plans to fulfill his promise of imposing a 25% tariff on imported goods from Mexico and Canada on February 1st, and will decide whether to include oil in the list of goods subject to tariffs on the evening of January 30th. On January 20th, when signing a series of executive orders in the Oval Office of the White House, Trump told the media that he is considering imposing a 25% tariff on Mexico and Canada, and the tax may be implemented from February 1st this year. (CCTV News)
  • Arresters of South Korean President Yoon Seok-yeol clash with guards

    after attempting to arrest President Yoon Suk-yeol, Korean senior government officials from the Crime Investigation Department (CID) had a confrontation and physical conflict with security personnel inside the presidential residence today (January 3). The arresting officers have already passed through the main gate of the residence, but have not yet entered the building where Yoon Suk-yeol is located. 
  • Cointime August 11st News Express

    1.Fed Governor Bowman: Be cautious about rate cuts
  • Cointime August 4 News Express

    1.Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX
  • Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX

    According to the monitoring of on-chain analyst Yu Jin, Jump Trading may be selling ETH: they are currently redeeming a wstETH (120,000 pieces) worth $410 million in batches into ETH and then transferring it to exchanges such as Binance/OKX. So far, they have unpacked and redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH (191.4 million US dollars) have entered the exchange.At present, there are still 37,600 wstETH in their wstETH storage address that have not been transferred out; 11,500 stETH in the redemption ETH address is being redeemed into ETH; and 20,000 ETH in the ETH transfer address to the exchange are waiting to enter the exchange in batches.