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Blockchain Could Temper Risk of Holding US$ ~ WEF … (Death of the Dollar–2)
The over-reliance on the dollar, as well as the resulting imbalance in terms of trade flow, could be alleviated by a diversified stablecoin.
Stablecoins and blockchain technology could be used to establish “a more sustainable, inclusive, and resilient global financial system.” As well as interoperability between digital and fiat currencies, such a system would also require interoperability between blockchains.
The US dollar is backed by … nothing. Under the post-war Bretton Woods system, the dollar was backed by gold and functioned as the world’s reserve currency.
However, since President Nixon abandoned the Bretton Woods system in 1971 by stopping the dollar’s convertibility to gold, the dollar has become massively inflated and its value has dropped to … next to nothing.
A centralized digital currency, even if it is a stablecoin, is not the only solution, and not the best solution. At the same time, if it lessens the danger of holding a fragile US dollar that is backed by nothing, then it might be worth implementing.