Cryptocurrencies need more than Russia sanctions to beat US dollar hegemony

//Cryptocurrencies need more than Russia sanctions to beat US dollar hegemony

Cryptocurrencies need more than Russia sanctions to beat US dollar hegemony

One of the unintended consequences from the war in Ukraine could be the undermining of US dollar status as the global reserve currency. As sanctions on Russia get tougher, leading to most Russian banks being cut off from the global financial system, some countries could contemplate a geopolitical alternative to the dollar. Some financial analysts have again floated the advantages of a decentralised cryptocurrency such as bitcoin, currently valued at around US$47,000. The likes of Ray Dalio,…

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By | 2022-03-29T17:30:20+00:00 March 29th, 2022|Business|Comments Off on Cryptocurrencies need more than Russia sanctions to beat US dollar hegemony