IMF’s First Deputy Managing Director Gita Gopinath says that sanctions imposed on Russia threaten to chip away at dollar dominance. She told Financial Times that this cam lead to a more fragmented monetary system.
She points out that some countries are already changing the currency in which they get paid for trade.
Gopinath told the newspaper in an interview, adding that some countries are already renegotiating the currency in which they get paid for trade. She said that it rises the question of adoption of digital finance, from cryptocurrencies to stablecoins and central bank digital currencies.