The president of Venezuela pointed out on Tuesday the importance and need to find an alternative currency to the dollar as a reserve system.

Maduro highlighted the current trend of many countries to break away from the US dollar, because the currency is used to apply sanctions to different nations.

The president referred to the yuan, China’s official currency, which has gained ground as an alternative to the dollar. He noted that the government could address “the countries that make up the BRICS (Brazil, Russia, India, China and South Africa) to seek alternatives.”

He added that he will “discuss the issue at the summit scheduled for August 22 in Johannesburg, as well as the implementation of cryptocurrencies.”

In Latin America, countries like Argentina and Brazil have already established agreements with China to use the yuan in their trade, instead of the dollar.

M.Pino

Source: beincrypto

(Reference image source: Eric Prouzet, Unsplash)

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La entrada Venezuela in favor of global de-dollarization apareció primero en Bitfinance.