The advancement of central bank digital currencies, particularly the digital yuan, has raised questions around a potential threat to the dollar’s supremacy and the global reserve currency system. This panel will discuss drivers of currency adoption and whether we are entering a new phase of currency competition. It will explore the risks of currency substitution, capital account management in a world with interoperable CBDCs and the potential shift to a multipolar system.
This conversation was part of the OMFIF Digital Monetary Institute Symposium 2021. Click here for more information and to register for the 2022 Symposium.