The de-dollarization initiative is taking over the world where a handful of developing countries are looking to stop using the US dollar for trade. The phenomenon gained steam after the US pressed sanctions on Russia in February 2022 for invading Ukraine. Since then, Russia teamed up with China and pushed the de-dollarization agenda to developing nations in Asia, Africa, and South America.
Also Read: US Dollar: Here’s Why The Idea Of De-Dollarization Is A Big Fat Lie
While the idea sounds exceptional on paper, the reality is quite different and difficult to take charge of. Accept it, the US dollar is the de facto currency in the world for all trade and transactions. Local currencies are more volatile and less valuable than the US dollar at a given time. Therefore, the de-dollarization initiative sounds good on paper while in reality, doesn’t make sense to take on the US…
