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In 2023, the US has the world's reserve currency - the US Dollar (USD). The US dollar accounts for 59% of all foreign reserves. The Euro is second at 20% and Japanese Yen is in third at 5%. The British Pound Sterling is 4th under 5%.

In 2023, the US has the world's reserve currency - the US Dollar (USD). The US dollar accounts for 59% of all foreign reserves. The Euro is second at 20% and Japanese Yen is in third at 5%. The British Pound Sterling is 4th under 5%.

The short answer is yes. There has been increasing talk of the BRICS nations (Brazil, Russia, India, China and South Africa) developing a new currency that will rival the US dollar as the global reserve standard.

The short answer is yes. There has been increasing talk of the BRICS nations (Brazil, Russia, India, China and South Africa) developing a new currency that will rival the US dollar as the global reserve standard.

Not only does the Fed have no plans to issue a digital currency, but it has repeatedly said it wouldn't do so without authorization from Congress. How one might work?including how closely it might imitate physical cash?is still a wide-open question that can only be answered through research and testing.

Some say it will be the euro; others, perhaps the Japanese yen or China's renminbi. And some call for a new world reserve currency, possibly based on the IMF's Special Drawing Right or SDR, a reserve asset. None of these candidates, however, is without flaws.

While most experts believe the creation of a common BRICS currency remains unlikely, the bloc's leadership is undoubtedly attempting to slowly move away from their reliance on the dollar.

Some say it will be the euro; others, perhaps the Japanese yen or China's renminbi. And some call for a new world reserve currency, possibly based on the IMF's Special Drawing Right or SDR, a reserve asset. None of these candidates, however, is without flaws.