Indonesia, UAE, Argentina, Brazil, Iran, Bangladesh, Sri Lanka, etc. While these countries are not actively 100% ditching the dollar right now the simple fact that they are starting to use alternatives speaks of a trend. And we still need to wait for the BRICS to release their plans on their currency, after which the process will accelerate more. It is not only 3 countries, and it is, in my opinion, not so important how much economic power they have, but rather that the strength of the dollar lies in its universal use.
Other than Brazil (and even that isn’t as big as Canada) those are some pretty minor countries in the economic scheme of things.
It makes a lot of sense for local regions to use a local regional currency, Most of those countries are far closer to China than the US (except south America)
But they aren’t wrong about the US weaponizing the dollar, so why shouldn’t countries be worried about it and switching to alternatives?
https://www.bloomberg.com/news/articles/2023-07-17/india-indonesia-plan-local-currency-trade-fast-payments-links https://ca.sports.yahoo.com/news/india-ties-uae-settle-trade-114534898.html https://archive.is/K279M https://www.al-monitor.com/originals/2022/07/iran-says-us-dollar-officially-ditched-trade-ally-russia https://www.reuters.com/world/americas/what-brazil-argentinas-currency-union-really-means-2023-01-23/ https://en.mercopress.com/2023/07/04/argentina-insists-on-local-currency-agreements-within-mercosur https://www.tbsnews.net/bangladesh/bangladesh-diversifies-trade-currency-transactions-begin-rupee-663326
Indonesia, UAE, Argentina, Brazil, Iran, Bangladesh, Sri Lanka, etc. While these countries are not actively 100% ditching the dollar right now the simple fact that they are starting to use alternatives speaks of a trend. And we still need to wait for the BRICS to release their plans on their currency, after which the process will accelerate more. It is not only 3 countries, and it is, in my opinion, not so important how much economic power they have, but rather that the strength of the dollar lies in its universal use.
Other than Brazil (and even that isn’t as big as Canada) those are some pretty minor countries in the economic scheme of things.
It makes a lot of sense for local regions to use a local regional currency, Most of those countries are far closer to China than the US (except south America)
But they aren’t wrong about the US weaponizing the dollar, so why shouldn’t countries be worried about it and switching to alternatives?