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IMF economist: Crypto is undermining the dominant role of the USD
Kenneth Rogoff, former chief economist of the IMF and Harvard professor, stated in an interview with Bloomberg that the rise of cryptocurrencies is threatening the global status of the USD. He believes that the USD is "gradually wearing away at the edges," amid the increasing influence of the yuan and euro.
According to Rogoff, crypto is increasingly being used in the global underground economy — where cash USD previously dominated. The underground economy accounts for about 20% of the global economy (20–25 trillion USD), mainly related to tax evasion and legal loopholes.
Rogoff emphasized that although crypto has not yet dominated the legitimate economy, it does have real value as a means of payment in the informal economy, where governments struggle to maintain control.