Nicolas Maduro, president of Venezuela, claims the US dollar’s widespread usage will soon drop dramatically.
According to Maduro’s most recent weekly briefing, governments are looking at alternatives to the world’s reserve currency because of US sanctions. According to Maduro, African countries are leading the way.
“They are contributing to the worldwide trend away from the dollar. The globe becomes more multicentric as it becomes more multipolar. As the global economy stabilises, a “basket of currencies” will emerge.
There are several projects developing as viable alternatives to the US dollar. We could say that the business world and world trade are starting to move away from the dollar in a steady, quick way.”
The new digital currency in Zimbabwe is backed by gold, according to Maduro. The currency is meant to serve dual purposes, as both a medium of exchange and a means of preserving wealth.
Additionally, Maduro praises the BRICS group for its recent establishment of a New Development Bank (NDB) to provide loans to finance both public and private initiatives.
In addition to looking at alternatives to the US dollar, the BRICS group (which stands for Brazil, Russia, India, China, and South Africa) is considering the introduction of a global currency.
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