US Congress: no cryptocurrencies’ impact on dollar status

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US Congress: no cryptocurrencies' impact on dollar status

Internal Congressional Research says there is no evidence of the dollar losing its status as the dominant reserve currency. However, lawmakers might want to look into how cryptocurrency regulation might affect this status

The analysts of the service have prepared a report on the topic “The U.S. Dollar as the World’s Dominant Reserve Currency.” It says that scrutinizing the growth aspects of the crypto space does not give cause for concern and does not hurt the dollar in any way.

True, the research service also emphasizes that cryptocurrencies, traditionally considered an unstable and niche market, can still have an impact on the traditional financial system.

In particular, we are talking about national digital currencies (CBDC), which are on the rise in 2020. More than 80% of the world’s central banks are working on creating their CBDCs.

In the conclusions, US congressmen are encouraged to consider all aspects of how cryptocurrencies can affect the status of the dominant reserve currency. While there is no evidence of a loss of this status at this time, it may be necessary to consider beforehand ways to strengthen the dollar. Including sanctions and regulation of cryptocurrencies.

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