23 Countries Now Abandoning US Dollar

DrBeer

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Quote from: Cryptomultiplier on November 20, 2022, 05:06:00 PM

Quote from: Pejoh Asu on November 19, 2022, 09:29:29 AM

Many countries certainly think that dependence with USD is a complicated problem, this makes a lot of big losses so they try to leave USD, of course this is a good opportunity to use cryptocurrencies so that it becomes a positive thing for the market. If it happens, of course there will be a very large transaction volume because the volume of state transactions can reach hundreds of billions of dollars.

No matter how many countries abandon USD it wouldn't devalue it. It would only make what other currency adopted to become more powerful. Also, expecting the use of cryptocurrency cannot be immediate because its awareness and means of usage is still gaining audience and seeing that crypto is more tech and decentralized, it would be hard to forgo the ease of just walking up to a vendor and transacting with fiat.
Am sure the countries have considered a stronger alternative and it would be wise to stick only the currency, abandoning USD influence in any exchange or trade within these countries.

Let me remind you that not a single state in the world will ever make its main currency, the "currency" over which it, the state, does not have complete, total control.
Bitcoin as a CURRENCY is not applicable for the economy. This has already been proven by countries that wanted to "save the economy" by making Bitcoin the legal currency of settlement or savings. A virtual asset that is not backed by anything other than wasted electricity cannot be a state currency and a measure of its economy!

Lubang Bawah

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Quote from: russselcarri on November 12, 2022, 04:08:08 AM

Quote from: countryfree on October 27, 2022, 05:07:04 PM

This article is 100% BS. Go anywhere in Africa, the Middle East, Turkey, or South America, the US$ is king.

Ask a man selling his used car, anywhere in the world, if he'd prefer to be paid in $, Russian ruble or Chinese yuan. Besides the Swiss, all the world would choose $.

There is no doubt that the US dollar is still used globally, not only because the United States is a powerful country, but also because of global use, global recognition, and global exchange rate. Just because we are used to it. Of course, the emergence of Bitcoin will change some things, but for now, the US dollar is still the mainstream currency.

The very strong USD position certainly makes everyone think of making USD as a transaction, the USA central bank always keeps the USD's strict circulation so that it makes high trust for USD holders, if they leave the USD it will use currency from other countries which certainly does not guarantee it can be more good than USD.

Cryptomultiplier

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Quote from: Pejoh Asu on November 19, 2022, 09:29:29 AM

Many countries certainly think that dependence with USD is a complicated problem, this makes a lot of big losses so they try to leave USD, of course this is a good opportunity to use cryptocurrencies so that it becomes a positive thing for the market. If it happens, of course there will be a very large transaction volume because the volume of state transactions can reach hundreds of billions of dollars.

No matter how many countries abandon USD it wouldn't devalue it. It would only make what other currency adopted to become more powerful. Also, expecting the use of cryptocurrency cannot be immediate because its awareness and means of usage is still gaining audience and seeing that crypto is more tech and decentralized, it would be hard to forgo the ease of just walking up to a vendor and transacting with fiat.
Am sure the countries have considered a stronger alternative and it would be wise to stick only the currency, abandoning USD influence in any exchange or trade within these countries.

DrBeer

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China and India, in anticipation of the introduction of an embargo on Russian oil, are beginning to quite actively change the sources of oil purchases.
I already said that I have an old friend who works in China in their "KitayNeft"

Of course, the joke is about "KitayNeft", I won't say where specifically for obvious reasons. So, 2 weeks ago, he said that since the summer, China has been negotiating with representatives of the country from South America and some countries of West Africa on oil supplies. I'm guessing it's Brazil, Nigeria and Angola. I could be wrong, but we'll find out soon

Now the question is - tell me - do Brazil, Nigeria and Angola need candy wrappers like rubles, yuan or other very dubious in terms of liquidity and currency stability?

I will assume that the real "group of world revolutionaries against the dollar" is a list of international rogue countries. But there, the rejection of the dollar is understandable - they simply cannot get it in the right amount, and use all sorts of pseudo currencies.

pooya87

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Quote from: silbertlee on November 18, 2022, 10:29:11 PM

In the future, there may be exchange standards for multiple currencies, some relying on gold and silver, and some relying on Bitcoin. If another superpower emerges in the future, it is also possible to formulate a fairer world currency and a new economic system.

The new world order that is already established has split the world into regions where super powers dominate there and they can form alliances and relations between each other. There won't be any unipolar world any time soon. In these regions there will be certain currencies in use which could be converted between powers but again there won't be a singular currency to be used globally. It would take time for this new order to solidify though.

Pejoh Asu

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Many countries certainly think that dependence with USD is a complicated problem, this makes a lot of big losses so they try to leave USD, of course this is a good opportunity to use cryptocurrencies so that it becomes a positive thing for the market. If it happens, of course there will be a very large transaction volume because the volume of state transactions can reach hundreds of billions of dollars.

silbertlee

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Quote from: NotATether on September 30, 2022, 12:54:20 AM

I am a bit disappointed that the article later says:

Quote

Historically, new world reserve currencies are backed by gold.

Prices just dropped on gold and silver. NOW it the time to buy! Protect your wealth my friends.

As if gold and silver will be the next world reserve currencies.

The optimistic me says that Bitcoin will be the next world reserve currency after the dollar, but that is depending on countries using it, which's already starting to happen in some countries. Sadly the article dod not say which fiat currency is the most viable alcandidate to replace the dollar (the yuan?)

The current economic environment is still very poor, and neither side of the trade is very active. The status of the dollar has also been greatly impacted. The dollar is now weaponized by the United States. In comparison, I trust gold more. In the future, there may be exchange standards for multiple currencies, some relying on gold and silver, and some relying on Bitcoin. If another superpower emerges in the future, it is also possible to formulate a fairer world currency and a new economic system.

russselcarri

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Quote from: countryfree on October 27, 2022, 05:07:04 PM

This article is 100% BS. Go anywhere in Africa, the Middle East, Turkey, or South America, the US$ is king.

Ask a man selling his used car, anywhere in the world, if he'd prefer to be paid in $, Russian ruble or Chinese yuan. Besides the Swiss, all the world would choose $.

There is no doubt that the US dollar is still used globally, not only because the United States is a powerful country, but also because of global use, global recognition, and global exchange rate. Just because we are used to it. Of course, the emergence of Bitcoin will change some things, but for now, the US dollar is still the mainstream currency.

Sithara007

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Quote from: countryfree on October 27, 2022, 05:07:04 PM

This article is 100% BS. Go anywhere in Africa, the Middle East, Turkey, or South America, the US$ is king.

Ask a man selling his used car, anywhere in the world, if he'd prefer to be paid in $, Russian ruble or Chinese yuan. Besides the Swiss, all the world would choose $.

I agree with your statement. If you want to replace USD with some other currency, then you need to have a suitable alternative. And look at the major currencies apart from the USD. All of them are in very poor shape. EUR, JPY, GBP and CNY have lost a lot of their value during the last 12 months. There are some powerful currencies in the middle-east such as AED and KWD, but all of them are pegged against the USD. CHF is one strong currency, but it is not used in a global scale. So for the next few decades, we are stuck with the US Dollar.

BigBos

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Quote from: xzy887 on September 30, 2022, 12:41:32 AM

If the countries abandon the US dollar, establish a new currency, what will be the impact on the US dollar?

Of course, when more and more countries de-dollarize, the dollars that are used as aforeign exchange by other countries will be returned to their home countries so that the dollar will experience obesity in the circulation of dollars in its own country and lose its value, and it is very possible to cause hyperinflation in the US. but the US government and the FED will not be so stupid as to let it happen, they will definitely do everything possible to make other countries that have a relationship (debt) remain dependent on the dollar. raise interest rates, for example.

odunybiz

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Quote from: NotATether on September 30, 2022, 12:54:20 AM

I am a bit disappointed that the article later says:

Quote

Historically, new world reserve currencies are backed by gold.

Prices just dropped on gold and silver. NOW it the time to buy! Protect your wealth my friends.

As if gold and silver will be the next world reserve currencies.

The optimistic me says that Bitcoin will be the next world reserve currency after the dollar, but that is depending on countries using it, which's already starting to happen in some countries. Sadly the article dod not say which fiat currency is the most viable alcandidate to replace the dollar (the yuan?)

Nicely said. Is gold and silver the next world reserve currencies? Either yes or no, I still prefer investing in Bitcoin.

Cryptomultiplier

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The US dollar is undoubtedly the most used currency for trading and other commerce activities. Owing to this influence, their current rate causing recession has been speculated to be the cause why many countries seek out new or existing means of exchange other than the dollar.
Sincerely, the current exchange rate of the Us dollars to almost any other counties currency is quite high and investors are seeing a time when the Yen is adopted. The pound still remains more steady right now because usage is more directed to the dollar
Any country assigned to deal in Us dollar know that it is the worlds major means of exchange, thus why other means with less charges like cryptocurrency or a total abandoning of the dollar as this kind of monopoly of currency is a major contributor to recession ongoing.

woez

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Quote from: xzy887 on September 30, 2022, 12:41:32 AM

If the countries abandon the US dollar, establish a new currency, what will be the impact on the US dollar?

My view is not. The American dollar is a very important part of the global economy, and is linked to the currency of almost every country although the global community has long been looking for an alternative world currency to replace the USD.

In fact the US Dollar will grow stronger and stronger than ever. Once the world's largest economy began to use local currencies for purchases, shares, trades, and agreements between domestic companies the US dollar was the currency for all these major transactions. This would give the US an advantage in goods trade with China, Japan and Europe.

pooya87

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Quote from: Kadal Ijo on November 01, 2022, 01:50:54 AM

True, it is difficult to leave the influence of USD because it becomes a standard and world currency, even the presence of Euro which is expected to compete with USD is now experiencing significant inflation, the initial euro appears in the price of around 1.5x from the USD and is now only 0.85, proves that the USD is a strong currency .

These exchange rates are dumping because these countries are already too integrated into the US economy and they depend completely on US dollar. This is why Euro and Pound dumped this way. US has been exporting its inflation to these countries and by increasing the interest rate they are artificially keeping their own currency strong. But that comes at a high cost since it causes recession. Basically they hope this trend is short term, so they can endure recession now and come back after it ends. But if it doesn't, the US dollar exchange rate could tank hard while the recession gets worse at the same time.

The trend of abandoning US dollar may take 5 to 10 years though...

By the way all countries are affected but there are countries that have reduced that dependence so they were affected a lot less. Which proves the point of US exporting its inflation abroad and why abandoning US dollar is mandatory.

DrBeer

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Quote from: Kadal Ijo on November 01, 2022, 01:50:54 AM

Quote from: ?? on ??

Quote from: bittraffic on October 28, 2022, 11:53:07 PM

Quote from: Sir Legend on October 28, 2022, 11:35:07 PM

As we know that USD is the strongest currency in the world so it is always used for trade between countries, the control of the US central bank is also very tight so that the USD can survive and even continue to strengthen including other top currencies such as the EURO, I'm sure if there are 23 countries that leave USD then this is only temporary.

One article I found says there are already 71 countries trying to abandon USD and among them is Saudi Arabia. Then Yuan is the 5th of the currency that is mostly traded. I can't say it's true but yep. With the rise of China, it sure is one heck of a struggle to bring them down.

With the US printing more USD, these countries will continue to realize that printing more is like diminishing the US debt to zilch. Its why they ask to pay in thier own currency upon trading. Russia only accepts rouble. China accepts Yuan. Ditto for the rest.

are you really serious about it
Abandoning US Dollar is not an easy thing to do - the petrodollar deal is done between USA and Saudia - first they create the deals and then they create trouble for the people

True, it is difficult to leave the influence of USD because it becomes a standard and world currency, even the presence of Euro which is expected to compete with USD is now experiencing significant inflation, the initial euro appears in the price of around 1.5x from the USD and is now only 0.85, proves that the USD is a strong currency .

One of the problems that "fighters against the USA" do not understand is that they cannot even imagine how deeply the US dollar is "integrated" into the international settlement system. These "fighters against the USA" think very primitively, they evaluate "by themselves", they say we throw away the dollar, put the ruble / yuan / any other unattractive currency in its place - and that's it - the dollar is defeated, the USA is defeated, we rule the world!

No, it's not like that at all. Plus, or rather an additional problem, such countries (read the outcasts of the world economy), most likely with their "paper candy wrappers" will be isolated from a single international system of mutual settlements. Those. in the end, as always, the fighters against the "dollar and the USA" will once again "shoot themselves in the knee" and therefore will moan and ask them to be allowed back into the world of civilized international payments

Kadal Ijo

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Quote from: ?? on ??

Quote from: bittraffic on October 28, 2022, 11:53:07 PM

Quote from: Sir Legend on October 28, 2022, 11:35:07 PM

As we know that USD is the strongest currency in the world so it is always used for trade between countries, the control of the US central bank is also very tight so that the USD can survive and even continue to strengthen including other top currencies such as the EURO, I'm sure if there are 23 countries that leave USD then this is only temporary.

One article I found says there are already 71 countries trying to abandon USD and among them is Saudi Arabia. Then Yuan is the 5th of the currency that is mostly traded. I can't say it's true but yep. With the rise of China, it sure is one heck of a struggle to bring them down.

With the US printing more USD, these countries will continue to realize that printing more is like diminishing the US debt to zilch. Its why they ask to pay in thier own currency upon trading. Russia only accepts rouble. China accepts Yuan. Ditto for the rest.

are you really serious about it
Abandoning US Dollar is not an easy thing to do - the petrodollar deal is done between USA and Saudia - first they create the deals and then they create trouble for the people

True, it is difficult to leave the influence of USD because it becomes a standard and world currency, even the presence of Euro which is expected to compete with USD is now experiencing significant inflation, the initial euro appears in the price of around 1.5x from the USD and is now only 0.85, proves that the USD is a strong currency .

DrBeer

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Quote from: bittraffic on October 28, 2022, 11:53:07 PM

Quote from: Sir Legend on October 28, 2022, 11:35:07 PM

As we know that USD is the strongest currency in the world so it is always used for trade between countries, the control of the US central bank is also very tight so that the USD can survive and even continue to strengthen including other top currencies such as the EURO, I'm sure if there are 23 countries that leave USD then this is only temporary.

One article I found says there are already 71 countries trying to abandon USD and among them is Saudi Arabia. Then Yuan is the 5th of the currency that is mostly traded. I can't say it's true but yep. With the rise of China, it sure is one heck of a struggle to bring them down.

With the US printing more USD, these countries will continue to realize that printing more is like diminishing the US debt to zilch. Its why they ask to pay in thier own currency upon trading. Russia only accepts rouble. China accepts Yuan. Ditto for the rest.

Invest in RMB? Are you seriously ?
In the currency of a country that has a huge economic crisis? Do you have little experience of Russia, which once again "destroying the United States", replaced a significant amount of dollars in its gold and foreign exchange reserves with yuan, and suffered a loss of billions of dollars within six months? And in 2022, REPEATED suffered once again a huge loss. Inflationary processes in China, this is not inflation in the United States. The Chinese economy is EXPORT oriented and it depends on the influx of CURRENCY and not the yuan!

And can you link to the article you are talking about, and the list of these 71 countries? Very interesting to read and analyze. I am sure that there will be 10-20 real countries with a strange government or rogue countries. And everything else is the free fantasy of a journalist ...

bittraffic

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Quote from: Sir Legend on October 28, 2022, 11:35:07 PM

As we know that USD is the strongest currency in the world so it is always used for trade between countries, the control of the US central bank is also very tight so that the USD can survive and even continue to strengthen including other top currencies such as the EURO, I'm sure if there are 23 countries that leave USD then this is only temporary.

One article I found says there are already 71 countries trying to abandon USD and among them is Saudi Arabia. Then Yuan is the 5th of the currency that is mostly traded. I can't say it's true but yep. With the rise of China, it sure is one heck of a struggle to bring them down.

With the US printing more USD, these countries will continue to realize that printing more is like diminishing the US debt to zilch. Its why they ask to pay in thier own currency upon trading. Russia only accepts rouble. China accepts Yuan. Ditto for the rest.

Sir Legend

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As we know that USD is the strongest currency in the world so it is always used for trade between countries, the control of the US central bank is also very tight so that the USD can survive and even continue to strengthen including other top currencies such as the EURO, I'm sure if there are 23 countries that leave USD then this is only temporary.

OgNasty

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It's no secret that the dollar is losing it's global reserve currency status. China, Iran, Russia, have all been passing laws to open up crypto as a means of exchange and for years they've been accumulating assets like gold to give their currencies more legitimacy when compared to the dollar. I have no doubt that in the future something like Bitcoin will act as a means of exchange in order to make a more fair global financial system where one country doesn't see most of the benefit of being able to print the reserve currency that others need in order to participate in global markets. This is the bull case for Bitcoin.

Topic: 23 Countries Now Abandoning US Dollar (Read 1146 times)