Independent financial expert Andrei Vernikov predicted that it would take decades to build a global reserve currency alternative to the dollar, noting that the dollar is robust despite its drawbacks and that confidence in it is still high.
According to the financial expert, “many countries of the world, on the one hand, have large debts in dollars, and on the other hand, some countries export natural resources, the value of which is declining due to the rise in the value of the dollar, but the cycles of the rise and fall of the dollar alternate constantly,” explaining in more detail. In this situation, developing nations initially lose money before regaining it.
Vernikov believed that the real alternative to the dollar in international trade should have a history going back at least a few decades, whereas at the moment, even the euro cannot become such an alternative, and the cryptocurrencies that were expected to play such a role are, in his opinion, too volatile.
The financial expert also mentioned that it is absolutely feasible for some countries to transfer national currencies with one another. In instance, Russia has already struck such agreements with a number of its neighbours.
News Agency RIA Novosti.
When the dollar will fully disappear is predicted by a financial expert!
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