Can innovation in payment systems affect the ranking of international currencies?

Bulletin No. 258, article 1. The international monetary system (IMS) remains dominated by the US dollar for all functions of an international currency. However, two recent dynamics could threaten this supremacy: rising geopolitical tensions and technological innovations in cross-border payment systems. The disorderly expansion of innovative initiatives, driven by the desire of some large emerging countries to become less dependent on the US dollar, could indeed pose a risk of fragmentation of the IMS. …