DIGITAL CURRENCIES: THE IMPACT OF CBDCS ON U.S. DOLLAR HEGEMONY

Abstract

The digital transformation of the financial system has driven the development of Central Bank Digital Currencies (CBDCs), a subject that has raised discussions about their potential impacts on the International Monetary System (IMS). This article aims to analyze to what extent CBDCs can reduce dependence on the US dollar as an intermediary currency in international trade transactions. To this end, an exploratory bibliographic research was conducted, based on scientific articles, books, and institutional documents. The analysis demonstrates that CBDCs have the potential to make international payments faster and more direct, reducing the need for traditional intermediaries and, consequently, the use of the US dollar in certain transactions. However, the dollar's hegemony is related not only to technological factors, but also to its widespread use, international confidence, the strength of the US financial market, and economic and geopolitical factors. In addition, regulatory, operational, technological, and interoperability challenges hinder immediate change. It is concluded that CBDCs may contribute to a gradual reduction in the dollar's role as an intermediary, but its replacement is not likely in the short term. In this process, the IMS may evolve toward a model of modernization of the dollar, greater multipolarity, or financial fragmentation.