Venezuelan President Nicolas Maduro says a significant decline in the global use of the US dollar is now inevitable.
In his latest weekly update, Maduro points to US sanctions as the core reason that nations are exploring ways to reduce their reliance on the world’s reserve currency.
Maduro says African nations are setting the tone.
“They are adding to the process of the inevitable de-dollarization of the world.
The more multipolar the world is, the more multicentric the world is. As the world moves further toward equilibrium, a basket of currencies will appear…
Many alternative initiatives to the US dollar are emerging. We could say we are beginning to live a sustained accelerated process of de-dollarization of the commercial world, of world trade.”
Maduro says Zimbabwe’s new gold-backed digital currency is an important sign of what’s to come.
The coin is designed to be used for payments as well as a store of value for citizens.
Maduro also touts the economic alliance BRICS, which recently launched a New Development Bank (NDB) designed to offer loans that fuel public and private projects.
BRICS, which stands for Brazil, Russia, India, China, and South Africa, is also exploring the launch of a global currency that sidesteps the need to rely on the US dollar.
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