10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies – Economics Bitcoin News

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10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies – Economics Bitcoin News
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10 Southeast Asian nations have agreed to encourage 'the use of local currencies for economic and financial transactions.” dedollarization ASEAN

The leaders of 10 Southeast Asian nations, members of the

Association of Southeast Asian Nations , have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. This move will help them reduce their reliance on the U.S. dollar.

An official declaration released by the chairman at the conclusion of the summit states: “We adopted the ASEAN Leaders Declaration on Advancing Regional Payment Connectivity and Promoting Local Currency Transaction to foster bilateral and multilateral payment connectivity arrangements to strengthen economic integration by enabling fast, seamless, and more affordable cross-border payments across the region.

At the end of March, the ASEAN finance ministers and central bank governors met in Bali, Indonesia, and agreed to take steps to reinforce the use of local currencies in the region and reduce reliance on the U.S. dollar or other major international currencies for cross-border trade and investment.

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