And why would it stop there ? According to Smith , there is an
obvious answer . “ Institutions are important in nurturing the trust required for one currency to dominate : this includes property rights , financial architecture and the promotion of financial stability and fiscal probity ,” he says . “ China and the renminbi are not major players in the global financial system and the country ’ s authoritarian institutions and their control of the exchange rate have not nurtured a sense of trust . Until that changes , it ’ s difficult to see the dollar ’ s status ending .” And what of the young upstarts , cryptocurrencies ? Even before the collapse and multiple scandals of last year , few people without a vested interest in the asset class would have tipped it to dethrone the dollar . However , central banks are exploring their own versions of digital currencies . The Bank of England set up the Central Bank Digital Currency Taskforce to consider the case for a “ Britcoin ”, pointing out the way people pay for things is changing , creating “ new opportunities and risks that we need to plan for ”. As always , be prepared for change . You may not want to bet your bottom dollar on a seismic shift at the top , but it sure beats betting your final denarius .
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