Recently, the world has seen a tendency for abandoning the US dollar which for decades has kept everyone in dependence. So, for example, Russia, China and India signed agreements according to which they can accept each other's currencies in mutual settlements. Europe sees the euro as a reserve asset and an international means of exchange. All this threatens the dominance of the greenback, and the phenomenon itself has already received the name of de-dollarization.
As an alternative to the dollar, a new international currency backed by gold can be created, as well as several similar currencies that can reduce the dollar's impact around the world. Not for nothing Russia and China have been buying up huge amounts of gold under the pretense of replenishing forex reserves in recent years.
China and Russia which have joined their main trading partners in BRICS (Brazil, India, South Africa) and the Eurasian countries from the Shanghai Cooperation Organization (SCO), are going to complete the creation of a new monetary alternative to the dollar.
Russian President Vladimir Putin said about it cloudy but understandably, at the BRICS summit which took place on September 5 in China.
Meanwhile, the countries of Latin America are also following the path of de-dollarization. Venezuela has officially stopped accepting US dollars as a means of payment for oil exports.
Earlier, President Nicolas Maduro said that Venezuela is ready to introduce a new system of international payments and create a basket of currencies to free the country from the dollar. In case of persecution by the US, Venezuela will use the Russian ruble, yuan, yen, Indian rupee, and the euro.
