The greenback's status as the world's major reserve currency could come under threat, as a group of countries seeks to undermine its importance, according to Anne Korin of the Institute for the Analysis of Global Security.
have a strong and stated "motivation to de-dollarize," said Korin, co-director at the energy and security think tank, on Wednesday.
"We don't know what's going to come next but what we do know is that the current situation is unsustainable," Korin said. "You have a growing club of countries, very powerful countries." One of those reasons driving their push away from the greenback is the prospect of being subject to U.S. jurisdiction if they transact in dollars. When the U.S. dollar is used or transactions are cleared through an American bank, entities are subject to the country's jurisdiction — even if they have "nothing to do with the U.S.," Korin told CNBC's "Squawk Box."
As a result, many countries have a "very, very strong motivation" to shift away from using the greenback, she added.In recent years, China has attempted to internationalize the use of its currency, the Chinese yuan, known as the renminbi at home. Such moves have included the introduction of yuan-denominated crude oil futures and reports that China is preparing to
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