One of the issues that is sparking the most interest in the evolution of the international monetary system is the role of cryptocurrencies. In this regard, Manuel Conthe pointed out that for a currency to have real value, it is necessary for it to have relative stability. Conthe forecasts an uncertain future for cryptocurrencies, which he does not consider currencies, but rather units of their own fiduciary value that will not gain importance in the near future, as their user base is not very extensive. Furthermore, other factors need to be considered, such as their high volatility and the perception of these financial assets as elements of a speculative bubble.

As a result, Central Bank Digital Currencies (CBDCs) are being created, which can be highly useful instruments to avoid situations like bank panic risks, massive capital movements between currencies, or opaque payments.

On the other hand, Conthe referred to the hegemony of the dollar as the international reserve currency and its future prospects. Is it expected that the euro or renminbi will replace the dollar as the reserve currency? Conthe states that this is an unlikely scenario; the dollar will maintain its hegemony unless major and unexpected changes occur. «There is no single issuer comparable to the U.S. Treasury,» he stated.

Almudena Lobo
Communication Assistant, INCIPE