Reserve currency – US dollar substitution

Selva Ozelli, CPA is an international tax attorney and Certified Public Accountant who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA and the OECD.

Washington’s moves to weaponize the international financial system through its control over access to US dollar clearing have generated creative responses by sanctions targets, from complex layering and rapidly shifting ownership of companies to barter on a grand scale, but these are convoluted and inefficient. Now, cryptocurrencies, specifically stablecoins, may, at last, offer a complete, streamlined circumvention of US controls. Selva Ozelli reports.