The dollar may lose the status of the leading currency if it does not become digital, says the economist ING

According to ING economist Carlo Kokutstso, stablecoins can weaken the US dollar and rob him of the status of the world currency if he does not become digital.

Speaking at London Blockchain Week expertDutch financial conglomerate confirmed that today the dollar dominates the foreign exchange market and accounts for 90% of the Forex turnover. However, after Facebook announced the development of its own cryptocurrency, tied to fiat, many central banks began to actively study digital currencies. However, some countries, such as China, are already They have been working in this direction for several years, and have entered the testing phase.

Carlo Kokuzzo believes that this could negativelyaffect the popularity of the physical dollar. In his opinion, the option is not ruled out when citizens of countries start using foreign currencies for domestic payments.

As an example, he cited the digital yuan, to the electronic system of which China can open access to foreigners. In this case, the leading position of the dollar will be greatly shaken.

However, the economist added that, most likely,the US central bank will not just wait and watch from the side. Nevertheless, the Fed still does not see the point in developing a digital dollar, despite the fact that some members of Congress point out the need for this step.