De-Dollarization: How CBDCs And China's CIPS Threaten The Dollar
The US dollar’s dominance in global trade has seen a steady decline over the last decade. Many nations have opted for local currencies for mutual trade. The BRICS bloc of nations has particularly pushed for de-dollarization. BRICS is comprised of Brazil, Russia, India, China, South Africa, and a few more member states. China has single-handedly propelled the idea of ditching the US dollar for alternative currencies. Albeit the CCP will likely not accept any other currency than the yuan. Also Read: Goldman Sachs: MAG7 Hits 7-Year Low Amid AI, Trade & Antitrust Fears CBDCs And China’s CIPS Further Push For De-Dollarization Source: Watcher Guru Also Read: $1,000 in Shiba Inu & XRP: Which Will Give Better Returns in 2030? A majority of global central banks are working on CBDC (Central Bank Digital Currency) pilot programs. According to reports, around 130 countries (93% of central banks) are exploring CBDCs to enhance cross-border payment efficiency. An efficient and working CBD...