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The Dollar and Digital Currencies

In: The Global Currency Power of the US Dollar

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  • Anthony Elson

    (Johns Hopkins University)

Abstract

This chapter examines the challenges for the dollar as a global reserve currency arising from the advent of digital currencies. Even though digital currencies are a relatively recent phenomenon, the chapter highlights the enormous potential they hold for improving cross-border payments. Stablecoins such as Libra (now Diem) and a few central bank digital currencies are likely to be in circulation by next year and will challenge the dollar in different ways. Global stablecoins could easily reach national and international scale if backed by a large Fintech firm. The chapter also discusses the prospects for a composite of central bank digital currencies (in the form of a “Synthetic Hegemonic Currency”) to replace the dollar as the main global reserve currency.

Suggested Citation

  • Anthony Elson, 2021. "The Dollar and Digital Currencies," Springer Books, in: The Global Currency Power of the US Dollar, chapter 0, pages 159-179, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-83519-4_9
    DOI: 10.1007/978-3-030-83519-4_9
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