Members Forum Salon: Crypto, De-Dollarization and the Future of Money
Tue, Oct 15
|6:00 PM - 8:15 PM ET | Atlanta, GA
Adversaries of the United States are leading the charge to dethrone the U.S. dollar, which has been the world’s reserve currency since WWII. As China, Russia, Iran, and non-aligned BRICS member countries increase their share of global GDP, they are exploring alternative currency and payment systems.
Time & Location
Oct 15, 2024, 6:00 PM – 8:15 PM
6:00 PM - 8:15 PM ET | Atlanta, GA, 3348 Peachtree Rd NE, Atlanta, GA 30326, USA
About the event
De-dollarization refers to the process by which countries aim to reduce their reliance on the U.S. dollar in international transactions and reserve holdings. With concerns over the potential risks associated with a single dominant currency, countries have been diversifying their portfolios by exploring alternatives to the dollar.
The Bretton Woods Agreement was established in 1944 to create a stable global economic system after World War II. The agreement pegged other currencies to the U.S. Dollar, which was, in turn, pegged to gold. This made the U.S. Dollar the primary currency for international trade and a safe haven for countries to hold in their foreign exchange reserves.
However, the U.S. abandoned the gold standard in 1971, which led to the dollar becoming a fiat currency.
As nations search for alternatives to the U.S. Dollar, cryptocurrencies have emerged as potential contenders. With their decentralized nature and freedom from government control, cryptocurrencies offer a viable alternative to traditional fiat currencies.