More than a dozen countries worldwide have decided to restrict or completely prohibit transactions in US dollars as a protest against its hegemony in the commercial sector.

The US currency faces various initiatives, such as the BRICS group, to achieve the dedollarization of global transactions. In this regard, countries such as Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan, and Ukraine, as well as China, Iran, North Korea, and Cuba, have taken restrictive measures against the dollar.

The reasons these governments cite for moving away from the dollar include adopting local currencies in trade transactions, which strengthens their own currencies, as well as reducing exposure to international sanctions.

It is clear that nations that have limited or prohibited the use of the US dollar seek to free themselves from dependence on its use in trade, in addition to promoting the diversification of reserves into other assets, such as gold.

M.Pino

Source: cronista

(Reference image source: Frederick Warren on Unsplash)

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