Amid the greater de-dollarization plan for the BRICS bloc, and overall digitization of finance, 130 nations are all moving toward a Central Bank Digital Currency (CBDC) which could leave the US dollar at risk. Subseuqnlety, the BRICS currency, which is likely to be announced in the coming year, could only add to the international pressure facing the greenback.
Reports from the summer confirmed the plethora of nations that are in “advanced phases” of CBDC development. Moreover, a survey from the Official Monetary and Financial Institutions Forum (OMFIF) states that 41% of Central Banks expect a CBDC to be fully operational by the year 2028. So, what does that mean for the United States dollar?
Source: Bloomberg
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More Than 130 Countries Working on CBDC Development Amid BRICS Currency Creation
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