Search results for Kenneth Rogoff
Crypto
IMF warns on stablecoin spread, says emerging markets\' monetary sovereignty could be shaken
The International Monetary Fund urged internationally coordinated regulation to respond to the spread of stablecoins, warning of higher risks of currency substitution and unstable capital flows in emerging markets. IMF Managing Director Kristalina Georgieva said stablecoins and tokenisation can make cross-border payments faster and cheaper but require global regulatory coordination. She warned stablecoins could weaken banks’ intermediation, be used for tax evasion and undermine capital controls, and said central banks should maintain sound banking systems and bolster foreign reserves.
General News
Iran hints at circumventing payments in yuan and bitcoin, signs of cracks in petrodollar system
The petrodollar system is being shaken by the fallout from the U.S.-Iran war, with signs of cracks in the dollar-based structure for global oil trade. War risk in the Gulf has raised concern about dollar shortages, and UAE officials have discussed possible financial backstops with the United States. Iran is reported to have imposed yuan-denominated passage fees in the Strait of Hormuz and has also signalled possible use of bitcoin-based fees.
Crypto
Harvard economist says China\'s yuan could rise to reserve currency status within five years
Harvard University economist Kenneth Rogoff said China’s yuan could emerge as a major reserve currency within the next five years. He pointed to President Xi Jinping’s push for yuan internationalisation and a shift among global investors to reduce reliance on the U.S. dollar. Rogoff said China would need to open its government bond market further and strengthen trading infrastructure, liquidity and derivatives. He also urged building payment networks less dependent on SWIFT, and said crypto’s role is largely limited to informal economies.