China News Daily TheBitTimes.com

De-dollarization is no longer a dirty word in the financial sector, as developing countries are positioning their economies to cut ties with the US dollar. While the threat to the USD comes mainly from the Federal Reserve printing unlimited currency bills and uncontrolled debt in the homeland, developing nations are grabbing the bull by the horns to keep local currencies on top of the global financial order. Also Read: Bitcoin: Here’s What Elon Musk’s Tesla Is Doing With Its BTC Global Trade Shifts: Emerging Economies Challenge Dollar Dominance The de-dollarization process termed impractical a decade ago, is now a reality in 2024. Talks of issuing a common currency among emerging economies are growing as they look to ditch the US dollar for trade. A common currency would be a paradigm shift in how global trade operates. New trade policies could be written to favor their economies and directly hit the Western financial domination. Also Read: Sanctions Backfire: European Exporters Suffer...

Black Swan author Nassim Nicholas Taleb, who wrote the best-selling book about unpredictable events, revealed that he’s worried about the US dollar’s de facto position as the world’s reserve currency. The worry stems from the de-dollarization agenda kicked off by Russia, China, and other developing countries. The first step to the decline of the US dollar began right there, he exclaimed. Also Read: Currency: What’s Happening With the US Dollar & Chinese Yuan? While the US dollar is undoubtedly the most used currency for trade, the scale of transactions is on a steady decline. As of 2024, only 58% of all cross-border transactions are settled in the USD, compared to 71% in 2000. The sanctions on Russia in 2022 sparked the de-dollarization agenda, and emerging economies are ditching the USD. This made developing countries rush to alternatives, only to find hope in their native currencies. Also Read: BRICS Settle 65% Trade in Local Currencies & Not the US Dollar US Dollar ...