Interesting article on how a "synthetic hegemonic currencies" could mitigate some of flaws of our current system.
https://www-coindesk-com.cdn.ampproject.org/c/s/www.coindesk.com/a-crypto-fix-for-a-broken-international-monetary-system?ampI strongly believe we are on the last years of the USD as a global reference currency. On the fiat-side the Yuan has been making great strides (despite capital controls), with even a proposal for a yuan-denominated crude oil barrel price. This is complemented by their digital yuan (CBDC) initiative to foster its foreign use as reserve currency in foreign markets.
The process is already underway, and if institutions continue to resist change, the less leverage they will get to enact it once they desperately need it.
The risk is replacing USD hegemony for (e)-Yuan hegemony. I would certainly prefer a more open system of interoperability.
I also believe such systems will need to be interoperable with open market cryptocurrencies at some point. Both can coexist as they serve different purposes.
What do you think?
