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US Worried Crypto Could Undermine Dollar as World Reserve Currency, Hiring Researchers to Prepare Response

US Worried Crypto Could Undermine Dollar as World Reserve Currency, Hiring Researchers to Prepare Response

The U.S. Office of the Director of National Intelligence has admitted that cryptocurrency could undermine the U.S. dollar as the world’s reserve currency. The head of the U.S. Intelligence Community is seeking researchers to detail the impact of that status loss on the U.S., its economy, and national security.

Also read: Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger

Crypto Could Undermine USD as the World’s Reserve Currency

The U.S. Office of the Director of National Intelligence has posted a research opportunity entitled “Evaluating the Impact of U.S. Dollar Losing Its Status as World Reserve Currency.”

“There are many advantages for U.S. national security to have the U.S. dollar as the world reserve currency. Any international transaction settled in US dollars gives the U.S. jurisdiction over financial crimes associated with those transactions,” the office stated in its posting. “In addition, the U.S. is able to effectively level sanctions against or designate entities that violate international laws or treaties, or that have the potential to cause financial instability in global markets.”

However, “there are many threats to the U.S. dollar maintaining its status as the world reserve currency,” the Office of the Director of National Intelligence explained. “Countries such as China and India have large growing economies that could compete with U.S. economic growth,” its post describes, adding:

Many cryptocurrency enthusiasts predict that either a global cryptocurrency or a national digital currency could undermine the U.S. dollar … The U.S. should prepare for scenarios that threaten to undermine the U.S. dollar as the world reserve currency and determine how those scenarios cou...
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