Two More Countries Enter Talks To Ditch The Dollar

November 20, 2023 9:57 am Comments

Two more countries have entered into talks to ditch the U.S. dollar as de-dollarization continues.

India and Egypt, both members of the BRICS economic partnership, are now discussing ditching the dollar in their trade relationships with each other. This makes these two countries the latest in a growing list of nations seeking to move away from reliance on the dollar in international trade settlements.

As of this writing many sources are reporting that the two countries are likely to completely end their reliance on U.S. dollars.

The BRICS alliance was born as a response to increasingly irresponsible U.S. fiscal and monetary policy that has caused $33 trillion in debt to be printed and ensuing inflation not seen in over 40 years. Since 1954 the U.S. dollar has lost over 94% of its value.

Currently, the BRICS nations are also discussing creating their own gold-backed currency to compete with the dollar. Here’s what we currently know:

Cryptopolitan had more on the trade negotiations between India and Egypt:

By settling trade in local currencies, these nations are not just fostering stronger bilateral relations but are also challenging the traditional dominance of the US dollar in international commerce.

India’s role in this shift cannot be overstated. As one of the most vocal advocates for reducing reliance on the US dollar within the BRICS bloc, India has been at the forefront of these efforts.

XRP investor Michael Branch shared this Daily Hodl article and pointed out:

“Three US banking giants have just had their ratings downgraded to “negative” by Moody’s. Moody’s Investor Service downgraded JPMorgan Chase, Wells Fargo, and Bank of America to negative ratings after previously classifying them as stable.”

Crux Crypto News provided more details:

“Egypt and India are planning to drop the US dollar in bilateral trade with several member states of the BRICS group of emerging economies.

Cairo is specifically looking to use local currencies to pay for imports from India, China, and Russia. The two countries are now using local currencies to pay for imports from each other.”

Watcher Guru had more on the story:

The talks have reportedly sought to identify strategies that would drive investment between the two nations. Subsequently, it will focus on Egypt’s initiatives to diversify its economic footprint. Moreover, they addressed the use of Egypt’s $482.2 billion bond issuance in China to be utilized in India’s financial markets.

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