Finextra: ING economist says CBDC could disrupt USD as reserve currency

The US dollar’s position as the unrivaled global currency means it has the most at stake should central banks begin to issue their own digital currencies, according to ING economist Carlos Cocuzzo.

“If there’s anybody that stands to lose in this game, it’s really the US,” Cocuzzo said at Blockchain Week 2020 in London, as reported by Finextra. 90% of the world’s foreign exchange turnover runs on dollars, meaning it pervades into the economies of almost every country.

This is in light of Federal Reserve chairman Jerome Powell recently stating that Facebook’s Libra project “really lit a fire,” highlighting the concern the US would have for widespread issuance of digital currencies.

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