RE: 3 Digital Currency Challenges Faced By Central Banks, Traditional Banks by whyaskwhy

View this thread on steempeak.com

Viewing a response to: @devann/3-digital-currency-challenges-faced-by-central-banks-traditional-banks

· @whyaskwhy ·
>>In addition, the issuance of CBDC by sovereign countries could eventually erode the status of the U.S Dollar as the primary reserve currency of the world 

This is quite dire to the USA . 

Is the US helpless over this situation ??

Isn't any maneuver possible to mitigate the effect of independent nations issuing their digital currencies??

Is the USA stiffled thereby ??
properties (22)
post_id92,749,571
authorwhyaskwhy
permlinkqwle34
categoryhive-116221
json_metadata{"app":"steemit\/0.2"}
created2021-07-21 11:19:27
last_update2021-07-21 11:19:27
depth1
children1
net_rshares0
last_payout2021-07-28 11:19:27
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length375
author_reputation9,476,908,045,141
root_title"3 Digital Currency Challenges Faced By Central Banks, Traditional Banks"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@devann · (edited)
Hi @whyaskwhy, 

Here is [the list of the major reserve currencies](https://data.imf.org/regular.aspx?key=41175) of the world. 

In my opinion, there are three events that could shift the positions. 

First - The reliance on crude oil for our energy needs. When the world finally transitions from crude oil to other sources of energy and the world's reliance on crude oil is minimal, the agreement the U.S has with Saudi Arabia to sell oil in the U.S Dollar, would have no beneficial effect for the U.S. One of the main reasons why the U.S Dollar is still the reserve currency is because the Saudis are selling their crude in U.S dollars. 

Second - If and when Bitcoin becomes the reserve currency of the world. It would have sounded preposterous to say so, say, five years ago. Today, it is not so, although it looks a bit outlandish. How it will turn out in the future is hard to predict. 

Third - If and when China becomes the world's superpower and major trading partner of the world. China's ambitions are obvious. They want to become a superpower. Historically China has not been a country that showed interest in imperialism or colonialism. That was because of Chinese believe in Taoism, Buddhism and Confucianism. But all that changed with the advent of Communism in China. Although, the Chines people, by and large, probably still are influenced by these philosophies to some extent, their leaders are not. This non-believe in their traditional believe systems, allows their leaders to skirt around imperialism although communism per se, in my understanding,  is not imperialistic. 

China's rush to create a digital yuan is aimed at to, eventually, replace the U.S Dollar as the primary reserve currency.  They can easily do so, if and when China becomes the world's superpower and the major trading partner in the world. China becoming the world's superpower and the demise of crude oil as the major source of energy might just coincide. That would, all else being the same, certainly be a disaster for the U.S.
properties (22)
post_id92,765,744
authordevann
permlinkqwmwbf
categoryhive-116221
json_metadata{"links":["https:\/\/data.imf.org\/regular.aspx?key=41175"],"app":"steemit\/0.2","users":["whyaskwhy"]}
created2021-07-22 06:50:06
last_update2021-07-31 13:55:36
depth2
children0
net_rshares0
last_payout2021-07-29 06:50:06
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length2,024
author_reputation11,306,633,979,496
root_title"3 Digital Currency Challenges Faced By Central Banks, Traditional Banks"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000