Venezuela’s President Maduro Sparks Global De-Dollarization Movement
According to Venezuelan President Nicolas Maduro, there is an inevitable decline in the global use of the US dollar.
Various initiatives challenging the dominance of the US dollar are emerging, signifying a sustained and accelerated de-dollarization of global commerce and trade.
Maduro attributes this shift to US sanctions, prompting nations to seek alternatives and reduce their dependence on the world’s reserve currency.
He highlights African nations as key contributors to the ongoing process of de-dollarization, emphasizing that as the world becomes more multipolar and multicentric, a basket of currencies will emerge.
Maduro also cites Zimbabwe’s introduction of a gold-backed digital currency as a significant indication of future developments.
This currency serves both as a means of payment and a store of value for citizens. Additionally, Maduro mentions the economic alliance BRICS, comprising Brazil, Russia, India, China, and South Africa.
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BRICS recently established the New Development Bank (NDB) to provide loans for public and private projects.
Moreover, BRICS is exploring the creation of a global currency that bypasses reliance on the US dollar.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
