'Dr.Doom' Roubini Works on Tokenized Version of Dollar
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Iranian-American economist Nouriel Roubini (also known as "Dr.Doom") is working on a tokenized version of the US dollar as the traditional currency faces risks of higher inflation, civil unrest and climate change, Bloomberg has learned.

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Roubini with his firm in Dubai called Atlas Capital Team LP want to solve the upcoming difficulties with an asset-backed digital coin. Roubini said:

"We recognized that America's dollar reserve currency could be at risk and are working to create a new instrument that's effectively a more resilient dollar."

Atlas Capital Team Co-Founder and CEO Reza Bundy said in a commentary to Bloomberg that the firm's eventual goal is to "create a global store of value." He added that Atlas hopes to develop "something akin to a substitute for Treasuries, or a digital asset that has payment features in it."

UST Loses its Parity with the US Dollar

In January this year, the US Federal Reserve presented a report on the results of the central bank's digital currency study (CBDC). According to the document, the digital dollar "could fundamentally change the structure of the US financial system, altering the roles and responsibilities of the private sector and the central bank."

Although the Fed admitted that the emergence of a digital form will allow the dollar to maintain its status as the leading currency in global finance against the background of the emergence of competitors and cryptocurrencies, the CBDC raises the privacy issue due to the fact that the government will gain access to the transactions of individual citizens.

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