The dollar’s dominance in world trade is under threat due to five projects being developed simultaneously in Asia, the Middle East and Latin America. About Writer business inside.
While several countries are developing plans to use their local currencies in global trade, the dominance of the dollar faces new challenges. The publication noted, for example, that Brazil and Argentina recently announced that they are preparing to launch a joint currency called “sur” (south), which could become a project similar to the euro.
According to the publication, Russia and Iran have begun discussing the creation of a joint gold-linked stablecoin. Given that both countries are under the influence of Western sanctions, the creation of a new currency would be beneficial for both sides. However, plans for a stablecoin can only be realized after cryptocurrencies are legalized in the Russian economy. Also, the UAE and India are developing a plan to use rupees in oil trade.
The author of the article added that another project is China’s desire to replace the dollar with the yuan in oil trade in a growing trade environment with Russia. Such a step is necessary to get rid of the petrodollar regime that has been in effect for more than half a century. The fifth project could be a new reserve currency that Russia and China want to develop. The plans should be based on the currencies of the BRICS member countries: Brazil, Russia, India, China and South Africa.
At the end of November, Valery Yemelyanov, stockbroker of the financial holding BCS Mir Investments, declarationThe main threat to the US dollar is not the digital yuan or the euro, but the Russian ruble, Turkish lira, Indian rupee and Arab dirham, for example. Because they are more mobile with a good fintech base of currency.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.