WILL DIGITAL TECHNOLOGIES REFORM THE GLOBAL FINANCIAL ORDER?

NIKOLIĆ Goran (Institut za evropske studije, Beograd), goranvnikolic@gmail.com
MILUTINOVIĆ Petar (Institut za evropske studije, Beograd), petar.milutinovic@ies.rs
ZVEZDANOVIĆ LOBANOVA Jelena (Institut društvenih nauka, Beograd), jzvezdanovic@idn.org.rs

Judging by the accelerated development of the digital yuan, modern digital technologies could reshape the world’s monetary and financial order, accelerating changes in the current geopolitical constellation. In this new constellation, Beijing and other new geopolitical actors could gain far greater relative importance than they have now. Although the United States and the countries of the Eurozone would retain privileged positions, China and larger developing countries would come to a situation where, by participating in global monetary flows, they would take over part of the benefits brought by their own currency, mainly due to technological innovations in the field of finance. Additionally, their own payment systems and currencies, accelerated by technological innovation, could enable the developing countries to avoid Washington’s primary and secondary sanctions more easily than before.

Keywords: Digitalization, financial order, dollar, yuan, euro