Could the Dollar Be in Trouble – If So, What Then?

Eichengreen considers several possible replacements for the dollar: the Chinese renminbi, the euro, and “a network of [state-issued] digital currencies—officially-sanctioned cryptocurrencies, if you will—issued by emerging-market central banks and traded on a dedicated digital platform, obviating the need to go through the dollar and U.S. banking system at all.” None of these alternatives are ready yet, nor will be for a long time.

By Michael Edesess