Malaysia and China are increasing efforts to distance themselves from the dollar as new currency proposals and funds are discussed.
In late March, China and Brazil agreed to transact solely in their own currencies, cutting out the greenback completely.
An Asian Monetary Fund was originally mulled and mooted in the 1990s, but Ibrahim thinks that now is the time, stating: “Now with the strength of the economies in China, Japan, and others, I think we should discuss this — at least consider an Asian Monetary Fund, and, secondly, the use of our respective currencies.”for the BRICS alliance, as reported by Cointelegraph. It would be another effort to distance itself from the dollar, incorporating the burgeoning economies of Brazil, Russia, India, China, and South Africa.
Lo said more countries want to move away from the U.S. dollar, not just for economic reasons, but to “escape the clutches of the gangsterism of U.S. foreign policy, which in the past two decades has weaponized its global dollar dominance with increasing abandon.”could have a severe impact on its value compared to other currencies and crypto assets. It could have a knock-on effect on the $133 billion stablecoin market which is dominated by dollar-pegged stablecoins.
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