A multilateral collateralized digital currency as an instrument of influence for oil-exporting states

A multilateral collateralized digital currency as an instrument of influence for oil-exporting states

RESEARCH REPORT1 January 2023

Dr Jean-Francois Seznec and Azal Advisors principal Nicolas Dunais assess how an oil-backed digital currency could provide Gulf hydrocarbon exporters partial monetary policy independence and enhanced global influence in a context of strategic competition between China and the United States and de-dollarization.

Outlook for the petroyuan and implications for GCC monetary policy

Outlook for the petroyuan and implications for GCC monetary policy

RESEARCH REPORT28 February 2021

For the GCC’s oil & gas exporters, a shift towards the petro-yuan has long been perceived as detrimental to the strategic security partnership with the United States. In our latest report, the Atlantic Council’s Jean Francois Seznec and Azal Advisors Principal Nicolas Dunais argue that the combination of energy-flow rebalancing, loose US monetary policy, and financial reforms in China are paving the way for a broader acceptance of the renminbi by Gulf hydrocarbon exporters while minimizing risks to the relationship with the United States.