Cryptocurrencies that could threaten dollar

cryptocurrencies that could threaten dollar

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Share icon An curved arrow. PARAGRAPHLawmakers are still weighing yhat to have a central bank given that China is embarking on a similar digital currency central bank assets, like paper give the go-ahead, the project.

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What gives cryptocurrency its value?
Such currencies won't threaten the U.S. dollar, but could wipe out the currencies of smaller and less developed countries. Protecting the U.S. Dollar?? Sherman also views cryptocurrencies like Bitcoin as a direct attack on the U.S. dollars role in the global economy. Another way that cryptocurrencies could challenge the dominance of the US dollar is by providing a more efficient and cost-effective means.
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There are also concerns about the potential for fraud, money laundering, and illicit activities to be facilitated by the anonymous transactions that cryptocurrency allows for. This can lead to asymmetric power dynamics and policy decisions that favor the dominant currencies and those that use them. But scarcity by itself can hardly be a source of value.