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

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!

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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

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 .

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 ...

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.

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.

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.

The dollar gets all its strength from the armed forces of the US military. In other words, the coming together of several countries and establishing a new monetary system cannot end the dollar hegemony. A few powerful countries need to come together and prove that they can be real bosses. On the other hand, fiat currencies are really garbage and people almost have the misconception that the dollar is an a priori concept... I wish the Bretton Woods System had never been abandoned. Maybe then I would be happy to use dollars again.

What will complicate the matter and deepen the isolation of the US dollar is the accession of the Kingdom of Saudi Arabia to the BRICS group, which includes the countries of the Eastern Alliance (Russia, China, India, South Africa...), which represents the largest alliance capable of confronting the G7 alliance, as it includes More than 40 percent of the planet's population. The BRICS group intends to establish a financial system that allows these countries to accept their local currencies in exchanges between them, and thus the use of both the euro and the dollar will be abolished in official exchanges.

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 $.

Let's discuss this news like adults, with the help of arguments, but not fantasies?
You can answer a few simple questions:
1. Who is critically unprofitable global currency in the form of the dollar?
2. Why?
3. What currency can replace the dollar as a unit of international payments.
4. How the currency you specified will be able to provide the technological process of international settlements (I hope you know how the system of international settlements is technologically arranged).
5. What will eventually give (in terms of benefits and not the implementation of complexes) will the replacement of the dollar for the currency you specified?

I believe that one of the reasons is also to keep foreign exchange costs low and free from US Federal Reserve dollar manipulation. The article is an interesting read however, in my opinion, I do think that there isn't a currency to replace the US dollar, but I believe that something backed by raw materials, such as those used in computers, will give investors confidence and value as the world quickly transitions into the computer age.

The trick is, when you are creating a new world, a world where things are constantly progressing, you are going to have a lot of people who will be against it, and I mean a ton of people, and some will take it even 100+ years back if they could, given power. However overall the world will grow and progress for sure. This is not just in social sense, it is also economical sense as well. We are living in a world where it is certainly expensive and having hard time, but there is no doubt that even a homeless person right now lives a better life than a blacksmith 1000 years ago did.

Because, we have improving technology and life standards. So, I am having hard time with "basic needs" maybe today, but it is clear that we are not going to really be denying the fact that everything we have in our homes could make kings of old times jealous of what we have. Even the tech I use to write this message is amazing.

Creating the new world order is always painful and it always happens over decades. It is more painful for those who didn't accept the new world order to plan ahead which is why we see much higher inflation in some countries compared to others. This is true on a smaller scale (businesses) too, they had to plan ahead knowing USD will eventually be abandoned by a large portion of the world.

Definitely we will have a horizontal line between the two preferred currencies in the future and it’s no wonder considering the way US dollar is moving towards inflationary dump yard. They have not seen developing economically but only physically and printing the dollars all the way around. I’m surprised how worlds powerful nation is weakening in front of the few developing countries who are continually pressing the gas paddle to catch the light speed in their developments. US over the time has increased its dependency for various supply chains, raw materials and more which is actually making it weak inside out. Anyways, all we can do it see how they play the next card in inflation.

These can be good news for bitcoin. With the weakening of dollar currency, a window of opportunity will be opened for a new currency to shine for a while, until central banks from the countries involved find a feasible alternative to replace the previous reserve of value and make it work for real. Meanwhile, common people and investors will be doubtful about what to do with their funds, maybe similar to what happened during the covid pandemic's peak in 2021, which resulted on the ATH of bitcoin we saw on that year.

If it really happens, we may see a new ATH and then it must be the right time to cashout btc and invest in productive properties for the next stage the world is heading into.

It’s going to be a tough deal because of one main reason, which is the fact that US is still involved in all of these nations economy, and yes they may want to stop, or maybe they won't, we do not know that, but even if they did, it’s going to take years before they can do that in which period USA could grow stronger again.

I understand that there is a growing USA hate these days, but that happened after Iraq invasion as well, and we have seen how they didn't really change anything in the world, even after 2008 crisis it didn't change anything, and right now it won't change a thing neither, nations may hope to abandon it, but they usually end up failing.

I seriously reject the idea that nations would be willing to abandon US dollar, there are some information that looks dangerous to US dollar and government right now, but it is not as terrible as this article make it out to be.

It is obvious that while US dollar did badly during the last 3 years or so, other fiat currencies did even worse, if bitcoin took over and did awesome then I would assume there would be more people, but the past 1 year has shown that we are not doing that neither, bitcoin has been doing badly, and FED interest rates makes sure that we keep doing even worse. So, that means right now US dollar is doing as fine as it could do.

Dollar was economic defending currency till now.The reason behind his was United States Dollars was stored as asset by many countries,their GDP was counted in the Dollars.If the dollar was Abandoning like you said, the dollar value was reduced huge in world markets.The small developing and under developing countries economy was increased.Because they are free from dollars,United can’t interfere in such small countries economical decisions.The world economy will increase by this action.

I also like this idea, as far as I know there are currently a number of coalition countries led by China and Russia trying to create a world currency to replace the dollar. The idea is not new but so far no new coin has been able to break the USD dominance. This looks unlikely for the foreseeable future, possibly decades before we see a new currency empire displacing the USD. Just by looking at the DXY chart we can see how strong USD is during this crisis period, it can be said that USD is becoming the strongest asset in this crisis.

It seems pretty interesting, but Practically, it would be impossible to replace the USD at once.
It all depends upon the acceptability and adaptability of the new currency they are willing to trade.
Also, the Bretton Woods system would make it more difficult to abandon US Dollar for the sake of ultimately killing the US Dollar.

Please explain how you see the process of replacing the dollar with any other currency?
But first, let's define the characteristics that made the dollar the most powerful currency?
I see criteria like this:
one of the most powerful economies
- technological world leader
- political world leader
- strongest army
- .... add many more features.

And now let's get back to Russia and China, who "want" to change the dollar in its place?
What do they have from the above? How can they ensure the same stability and security of their currencies? Try to list?

Old intentions of countries that seek such a thing to be true one day, but it does not go beyond intentions and then the half-truths arrive, in this case not even half-truths, 1/8 truths. Russia, China, fervent believers and promoters of such ideas, the others take refuge in political discourse, which actually brings them closer to the gringo currency than distances them.+

I think that the equivalence for something like this to happen, at least in the short term, -/ beware#1, the long-term future does not look very good for the dollar, there are many things out there among them the cryptocurrencies led by bitcoin /- in short; It is as if one day Bollywood will conquer the world with its movies like Hollywood does, -/ beware #2, currently independent productions are taking a small part of the market from this traditional industry through Streaming, unthinkable, but it happens. -/

Don't be so afraid, the death of the dollar has been talked about for a long time, and so far what has happened in this crisis is that it has revalued against other major currencies because countries around the world use it as a safe haven. The headline of the article is clickbait and that rag does not have much credibility. Another thing is that there is a slow loss of hegemony of the dollar with respect to the power it had, say 20 years ago, but it is not an overnight thing and neither are its effects.

I am not surprised to see this because there had been a lots of agitation on this for long and now is like many of these countries have started to see reasons of dumping the us dollar and going for something else but I don't think gold should be an alternative for the US dollars because it's not stable at all and these might cause fluctuation in price and worth of currencies it is eventually pegged to it.
Why not these countries rather choose Bitcoin rather than another currency or gold which will never look suitable at all. Even though Bitcoin is volatile at going for it as an alternative is better for everyone.

Didn't you think that the reason for the problems of the economy of your country is in the not very skillful management of your government? Or the banking system? It is difficult for me to imagine how, for example, the dollar, or the yen, can negatively affect the economy of your country. Provided that the economy is, and works? It won't be difficult for you to explain exactly how, and what, the US dollar negatively affects your economy?

I am sure it will be difficult to leave USD even though there are currently many alternative payments, when there are 2 countries transacting and then using other money, they also need third currency, and things if there is another problem then it is likely to return to the USD.

We have suffered more inflation in recent years than we had before the current economic crisis, and this can serve as a good reason for many developed and developing countries to change a few things in their countries as a result, Also this bad situation made some changes in accepting USD in all over the world because in many countries where they didn't have a good economic situation and used USD now things are changing and this economic crash made an adoption to reducing the dominance of the dollar in the world.

There are some anti-American nations like Iran, North Korea and let's add Russia to it. China and the United States are big trading partners but we understand that China wants to dominate the world trade and establish its Yuan globally. These are all facts. It's a big different when stating facts and spreading fake news. One can be anti-American by using facts and theories. We know America did crazy things in the past and even now? But spreading and obvious fake news like "India, Germany, France and United Kingdom NOW abandoning US dollar"?   

This is a very good revolution in the world. The inflation rate in the world, Africa precisely is getting out of hand.

The way dollar is doing to other currencies is the caused of all this things, dollar affect my country currency very badly. Why dollar would be rising and other currencies would devaluing? Dollar itself would moderated the market. As it is other countries will still support this move to against dollar. MY country currency is nothing again because of dollar. Dollar is the cause of all inflation in my country.

But what I am thinking is that, if they abandoned dollar which currency will they used in the international exchange market? Now, I heard that china has already implemented the use of Yaun while instructed it citizens to stop using dollar in all areas. The impact is that, US will use their dollar like the way other countries have been using theirs. There is time for everything in the world.

You can read the original source indicated by the author of the post, but apart from delirium and wet fantasies, there is nothing there

Here is an excerpt from the article "23 countries (60% of global GDP) create swap lines bypassing the dollar and SWIFT, the global system of financial transactions based on dollars.
These countries include Russia, China, India, and even Germany, France and the UK."

But these countries both traded and trade in dollars, gold reserves are held in dollars, which, moreover, now looks quite good against the background of the same Euro and the Chinese Yuan. So these 6 countries - for the most part - are lies, the remaining 17 countries are not indicated at all, but this is something from such dregs of civilization as North Korea

 

I heard this nonsense back in Soviet times
They also "heroically" destroyed the dollar ... Everything will end quickly and with enchanting results - for 25 years no one knows where the USSR went
Be brief - please list here, a list of countries that REALLY have moved away from the dollar? I am sure this list will include such "liers of the world economy" as North Korea, Kuba, Sudan and a dozen more world losers. I'm wrong ? Post your list here and now!

USD which is increasingly strengthened, including in the euro, making many countries worry that if there is a long -term economic problem, USD which is currently an international currency certainly has good potential because it is managed Leaving USD is they think as a short -term solution.

They can't just abandoned USD since they have the reserve in FED probably, they are just taking a different path where they can have their own currency which other currency can also consider to adopt. Digital money is their solution as of the moment, and let's see if they can totally affect USD and the US market itself. Some are US allies so I also doubt that they are abandoning USD, we should read the whole context and understand their plan with regards to this.

at any case, the impact won't be easily seen in the world market. i also believe that there's some truth on this. but not totally abandoning the USD, but not using it the way they did. we can't expect every nation to rely on USD, of course, they have their own plans depending on what they think is favourable to their country. but as of now, USD is still the major fiat currency used by countries around the world.

I am pretty sure that there are "anti-American" nations as well, hence why there is a slight truth that there could be some nations leaving dollar for sure. Doesn't mean it is these nations, it just means that there could be some nations and governments who hate America and could be leaving dollar as much as possible.

Looking at the treasury of many nations in the image, it is not shocking that some of them have lesser, plus there is still no situation where it is fully gone, it is just "a little bit less", it’s not abandoning levels of it at all, it is simply just leaving it aside for a while, that’s it. So, I would assume that there could be slight truth, not because it is not an anti-American source, it is, but there are anti-American nations too.

That's a smart idea they did, so that the dependence of the currency in a country is no longer on the value of the dollar. Today we know that all local currencies of a country are guided by the value of USD, if they are not able to follow it, there will be inflation in the value of that currency. While the USD will never occur inflation.

I got your point here, now consider the topic from OP thread saying "23 countries now abandoning US Dollars" to me if I will go by what you just say then it makes no difference than jumping from frying pan to fire, CBDC is just a digital version of the usual fiat we spend each day, but however, here we are talking about the introduction of something new into the system other than fiat, other cryptocurrencies could pose more dangers because they were also centralized and we need to identify only bitcoin being an alternative to this centralized system of doing something new, the people actually want a change but are other cryptocurrencies the solution or CBDC? No.

Maybe the likes of this new currency and its system is slightly different from the previous versions for it to be considered the dollar killer. We are not sure yet if this was CBDC the ones they are talking about but even if it's not related to cryptos, it is still going to attract more audience. They are in fact more confident about it than the cryptos.

It seems like you praised bitcoin too much there. BTC isn't actually the only trending digital currency. Like I said earlier, there are now CBDC's which is also gaining a popularity right now. This isn't going to be the last but I am sure they will invent more currencies in the future to possibly beat the other.

https://cointelegraph.com/news/bis-marks-cbdc-pilot-as-successful-with-22m-transacted
BIS marks CBDC pilot as ‘successful’ with $22M transacted
Over $12 million in value was issued in the pilot with commercial and central banks in Hong Kong, Thailand, the UAE and China taking part.

Soon most countries will start using CBDC and the lock button will be in the USA.

The US economy could still stand firm no matter how many countries would abandon dollar. That will be hard for other countries knowing that they have the central bank with them. There were many currencies that tried to beat dollar but usd will always have an advantage because it's being used as an international currency. Huge countries will have a hard time pursuing this plan in case it's true.

Figuring out how to eliminate dependence on the USD has been around for a long time, but this progress has been fraught with previous setbacks. If I remember correctly, China is the country that initiated the movement to remove the dollar from international payments. Most recently, the BRICS bloc, led by Russia and China, is also proposing an alternative to the USD. The removal of USD in payments between members of the bloc was made in order to support national currencies such as rubles, rupees and yuan. It can be seen that they are doing well within the bloc, but international adoption is unlikely. I think it will never happen.

Your source is an anti-American site. Should we expect to believe you? You're spreading lies. Majority of the nations you mentioned op is not true. Russia and China wanted to get out and fight US dollar domination but even India won't commit to fight the US dollar. India attempting to balance each sides. India is a close friend of Russia but it is an enemy of China. India is also a member of the QUAD together with the United States, Japan and Australia. Germany, the United Kingdom and France have their own Euros but they won't totally abandon the US dollar.

Op I suggest you find a source that is not funny and biased the next time you post here.

It seems that this statement is inaccurate. The US dollar is a fiat currency, meaning that the value of each US dollar is backed by confidence in the US government and not by physical commodities such as gold or silver.

The dollar is the legal currency in the United States, and is also the unit of exchange of choice for international transactions. And although there are some countries that use currencies other than the US dollar such as China, the UK and Canada, at this point I feel confident to say that leaving the US dollar is very unlikely, almost impossible.

 "Now Abandoning US Dollar" is a wrong statement. They already did it any time the world's economy is in a rocky place. Although yeah, some countries did try to reduce their over-reliant on the USD use on trading or the petrodollar but all seems very small, insignificant to me. Call me when countries on this list below start to offload their US t-bond massively instead of hoarding it.


Most sensible take of all in this thread. Anyone who thinks the dominance of the USD can be replaced in a short amount of time, knows nothing about it.

What a joke of an idea. You clearly are clueless about how the financial world works and are looking to spin some patriotic angle on this that is close to your heart - very clearly biased. While Russia has been isolated and by extension forced to try selling their oil and gas to other countries without trading US dollars (because they can no longer use them for anything productive), other countries are laughing at how weak they have become that they will require Russia to accept their own currencies as they have no choice. China is making moves to try and supplant the US dollar but have such an enclosed economic system that it can never replace the open and vibrant US economy, so other countries will never trust it on the same level while the current Chinese government is in place.

I didn't read anything about such a move on the mainstream media. Are you sure this is legit? Quickly googling the topic found me an article from Truth and Action which is from 2015. Right now it seems not really realistic to have all the major European countries work together with China to create their own currency away from the US Dollar. I wouldn't bet on enough public support for such a move. It's one thing to try and move away from the US Dollar as the main reserve currency in the world. But what is going to be the alternative? I don't think China will give into a new currency that is controlled by Europe or India, and same goes the other way round. Europe would never accept a new reserve currency that is controlled by China.

Dumping USD is more about countries abandoning it as their trade currency, so the volume is in trillions of dollars. For example some sources report that Iran exported $40 billion oil last year (the real value is actually unknown). Almost all the money was received in anything but USD (gold, other fiats and even bitcoin were used). The volume of what regular people want is barely in millions.

I believe the thing about people preferring USD is not about the exchange rate itself but about the period where the rate is going up as their local currency tanks. For example a little more than 3 years ago our local currency tanked hard and during those 6 months people were rushing to exchanges to convert their fiat to anything else including Dollar, Euro, gold, etc. If you paid anybody in USD those days, they would have been more than happy to accept it and even give you a discount.
These days on the other hand, most people don't go for that trade since the exchange rate has been relatively fixed with some swings so the incentive is lower although it still exists.

That's basically like paying someone in bitcoin when price is going from $20k to $70k (they'll love it) compared to paying someone in bitcoin during these days when price is not going above $25k and sometimes even drops lower to $17k (they usually don't go for it).

So where is this BRICS bank located?

I have also watched some Bloomberg news about countries abandoning the use of USD in trading which started when Russia demands the use of the Ruble. The comments of the people were, Yuan will become a reserve because it's the 2nd largest economy but why would Russia allow this also that's a question.

If they are to make it fair as they are agreeing to abandon USD, they should at least remove the possibility that any of them can just take the foreign reserve of a country. Bitcoin will be more suitable as the reserve currency.

I don't think it will have much of an impact.
because it is seen from the development of the US dollar
quite stable

from year to year US dollars
have a stable price

although many countries raise interest rates, in the hope that the value of their currency will be high,

like
Argentina. The central bank's benchmark interest rate is currently 69.5%

ghana 19%
Nigerian 14%
Brazil 13.75%

However, interest rates that are too high make businessmen and households to borrow money

companies can fire their employees
and households are forced to reduce their spending,

under these circumstances the economy could slip into a recession.

I really believe that before we see a hard form of money becoming the world reserve currency we will see more attempts by governments to keep the fiat system afloat.

One of the alternative scenarios I think it would happen is that instead of a single currency having such status governments could try to move to a system with several reserve currencies or a single currency which was backed by a basket of fiat currencies, now I believe such a system will be more unstable than the one we currently have in place, but governments may try something like this before they are forced to accept a currency backed by a hard asset.

I seem to remember reading news articles claiming russia was searching for alternatives to the SWIFT banking network 10 years ago. If this news is true, it has been a long time in coming.

Russia, china, india, germany, france and the UK being involved sounds questionable. Germany and france are EU members. The UK left the EU under #brexit. Both china and india have troops stationed on their shared border and tensions have run high for a future war between the two. There have also been tensions between russia and germany as russia continues its invasion of ukraine. They say that politics makes for strange bedfellows. But that could be pushing things a little too far.

De dollarization has been a legitimate movement for some years now. Major nations have dropped the US dollar as an international reserve currency. Some have gone so far as to cease oil based transactions using the US dollar.

While the list of nations they claim are involved in creating an alternative to SWIFT might sound impressive on the surface. The history of these types of joint international attempts at development have not produced good results.

Looks like the writer of the article is a heavy precious metal shill Imagine going backwards just because you don't want the current reserve currency almost everyone uses. But anyway, if these countries indeed abandoned the USD, chances are they will be making moves to promote their own currencies and make everything centered around it. The question is, would the rest of the world be ballsy enough to follow their lead and abandon something that they are using to peg literally everything with in the world market? Chances are, no, the world is not ready to do that. The listed countries only abandon the USD because the said currency is weakening their own. But if they are to trade in the world market, they'd still need to transact in USD because not everyone follows what they are doing.

Those countries sees the importance of having their own currency that is not dependent to USD. I’m not an economist but I think those countries already see the threat and the only way to survive is to have their own currency which can sustain their economic status.

If those countries are just creating digital currency then I believe they will still accept USD but it will be on a different scenario now. US also know what is happening and I’m sure they already have plans to counter this. Let’s see the next move of US when it comes to monetary policy.

Honestly, it's not just the US dollar. While the governments of the world might be less likely to adopt or continue the dollar, people in general are getting sick, and tired of fiat currencies, and how inflation basically just rains down on them every couple of years.

Yeah, there's definitely a tad bit of bias in there . Although, the US dollar has been a staple in the last couple of decades really. It does seem to becoming a little less used in other countries around the world, but having said that it's still used in places like Asia quite a lot. I know when I've visited, they actually prefer US dollars to the local currency, probably because they used to get a decent exchange rate. Not sure if that's still the case now though.

Well it was always going to come to this, big power countries getting fed up with the dominance of the US dollars. It think it's not something the media should present as a big issue. For so long the US dollars has been the benchmark for currency valuation globally even if it's exchange numeric value is less that pounds and the Euro's.

Although even if those countries you mentioned decides to go ahead with their plans US dollars would still be the paramount currency because many other countries still values it and it would be a marmot task to tip over the US dollar

I am super doubtful about this! But if it happens in reality, that will be a big blow for US economy. It will drastically decrease the demand of US dollar and hence the exchange rate will be decreased.

But don't try to link it with bitcoin. Because even if a new world financial order is being formed, bitcoin is highly unlikely to appear there. It is possible that these countries will try to push their own currency system to trade internationally.

USD goes down in value because of less demand. The currency inflation was major part of USD being dumped from currency reserves, the other factor is the U.S. implementing sanctions on a whim and freezing assets from country's recklessly.

Russia and China, many months ago, began conducting their transactions with their own assets and currencies instead of using USD for the transactions. Wasn't economically feasible for them to have to use intermediates if the currency continued to become worthless.


Yes, but the impact of USD on the global economy is reduced. If you can't trade with countries using USD, you empty out your USD holdings because they become less useful.

I saw this coming years ago prior to all the war nonsense. U.S. has been sanction heavy over the last many years and it goes both ways.

I have also thought to myself that this may just be an item sellable to the public. Dollar dump is is a big news to media houses and probably that is what it wants to achieve. However no doubt that some of the countries mentioned won't blink an eyelid to do that like China and some more countries in Asia that have the communist kind of system. The question is where the abandonment were possible, which other becomes the reserve for countries, definitely not gold nor silver. I have been considering bitcoin but same countries are haters of bitcoin, which means this news probably is not reflecting the reality. No where else have I heard this even on CNN, al jazeera, BBC, nowhere at all.

Yeah, definitely happening because the website "truth and actions" says so..
Right after some other things from this toilet paper newspaper will be happening:


But definitely this time the world will abandon the $, definitely.
I mean China will clearly drop the $ since, well, what's the US, just their biggest trade partner?
And after the yuan dropped to the lowest level since 2008, it's a clear sign that everyone is abandoning the $, because that's how demand and offer happen, something appreciates in value since there is no demand!!!  

I'm starting to wonder, which of the two has died more times, the $ or BTC ?

A Chinese bank has more than a trillion dollars worth of American bonds on its balance sheet. They cannot sell these bonds because they will lose a trading partner. And the trade turnover between China and the United States in 2021 amounted to approximately 0.8 trillion dollars: moreover, China sold goods to the United States for 0.6 trillion dollars and bought goods from the United States for 0.2 trillion dollars.

The Fed is becoming too hawkish by continuing raising interest rate and making dollar more stronger against other currencies , therefore at a point this countries will run for safety.
From other articles I have been reading online, I think China is going to lead way and there digital currency which they have been working on for quite sometime now, would be the world reserve currency, and which will be backed by the digital (sdr), while I do think that Bitcoin will take the place of Gold and hence be the digital Gold and more of a store of value and a hedge to inflation, in my humble opinion.

The article is overly exaggerated what it means, simply going to make trade with other country where US dollar usage is restricted or for some other reasons it doesn't mean they are settling to entirely new monetary policies and all their future international trades will be in that way. I don't really see any official statement from the governments about their new policies, all they are doing is when its possible and its actually happening due to sanction against Russia and now EU has to go with Russia to buy Oil and gas for few years.

What will the likes of the new currency and system be? consider if it's not cryptocurrency then it's not going to attract more anticipated audience because as at moment, bitcoin is the only trending digital currency on the internet and that is the center of attraction on the world's attention, any currency that will not give decentralization a chance to come into reality then it's as worthy of nothing than a modern CBDC we all have been avoiding as against bitcoin.

So you're saying Germany and France prefer to use the euro instead of the dollar? That's not really a surprise.

I am already aware of this monetary movement years ago...there is that great plan to get away from the influence and power of the USA Dollar as the preferred international money especially for international transactions. Many big countries are now starting to show their dislike for the USA leadership...and in the short-term this may significantly weaken the USA Dollar position as there will be less demand for the green bucks. Soon when majority of the international transactions are conducted away from the dollar then that can be the time when USA can feel the enormous devaluing of its own currency...surely the kind of inflation happening right now in that country can be a child play. I am then hoping that somehow, there can be more adoption of Bitcoin for international commerce when countries are weaning from the USA Dollar.

This has been going on for a couple of years now and it won't kill US dollar, but it will significantly weaken it as countries keep dumping USD and all the quadrillions of dollars they've printed over the past 80 years would go back to America which would cause a huge inflation there.
But the rest of the world (the 40%) will continue being forced to use USD and keep it afloat.

The new world order is already established.

I would not be so sure. While some countries may indeed give up USD as reserve currency, while Eurozone countries were supposed from the inception of EUR to slowly give up on USD, giving up SWIFT means not much of sense and it's not a country related thing, it's related to the (commercial) banks.

And mixing up these can mean that the news is not a real news (like someone commenting there, I fear too that this is bs), it's just some things (not necessarily real) put together to attract readers, and the whole point is just a weak advertising for gold and silver.

Yea. I know we each have our own opinions on stuff concerning investments and markets in general, but this was just utterly horrible advice lmao — even if it's the case that we didn't have bitcoin.

That would be interesting when it happened. Some of those countries are not on ties with US so its not surprising that they are the one who will initiate it but seeing UK, France and Germany, it seems they arent also into US being the leader on monetary reserves.

This will change the world if ever it occured and wondering what could be the impact on Cryptocurrency especially on bitcoin.

I am a bit disappointed that the article later says:


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?)

A new world monetary system is being set up right now which will completely kill the US dollar, which is the world's reserve currency.

23 countries (60% of the world's GDP) are setting up swap lines which bypass the dollar and SWIFT, which is the dollar-based worldwide financial transaction system.

These countries include Russia, China, India, and even Germany, France, and the United Kingdom.
Source: truthandaction.org


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