, Columnist
Mighty Dollar Can Fight Off the Digital Upstarts
The de-dollarization project is counting on blockchain technology to end the greenback’s hegemony. The hope may be misplaced.
The dollar isn’t going away.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Proponents of de-dollarization might resent America’s exorbitant privilege all they want. But what can they do about it?
Analysts usually trace the US currency’s hegemony to its outsized use in international commerce. Even a decade after China eclipsed the US as the world’s largest goods-trading nation, that dominance doesn’t appear to be fading. The much-awaited petroyuan has so far been just a myth, even though some dollar-starved importers like Pakistan are keen to pay for Russian crude in the Chinese currency.