US Dollar Weaponization Is Sending Countries Scrambling for Alternate Currency, Says IMF Official: Report - The Daily Hodl

The Daily Hodl
The Daily Hodl

30 Jun 2023 12:04 AM

The International Monetary Fund's (IMF) executive director for Russia says the West's decision to lock out certain countries from the global payments system is forcing many nations to look for a substitute currency....

  • The West's decision to exclude certain countries from the global payments system is leading many nations to seek alternative currencies.
  • The use of economic and financial sanctions by the US and its allies is creating a more divided global economy.
  • The sanctions imposed on Russia froze $300 billion worth of reserves and cut off Russian banks from the SWIFT payment system.
  • The weaponization of the dollar is pushing nations to bypass it and explore alternatives, such as trading in yuan.
  • China has signed deals with numerous countries to settle $582.3 billion worth of trades in yuan, aiming to circumvent the dollar.

The sentiment of the article is negative towards the West's use of economic and financial sanctions as a weapon and the potential fragmentation of the global economy. It highlights the consequences of these actions and the shift towards seeking alternative currencies.

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You May Ask

What is the impact of the West's decision to lock out certain countries from the global payments system?How did the sanctions imposed on Russia affect its reserves and banking system?Why are nations looking for alternatives to the dollar in international trades?What efforts has China made to bypass the dollar in global trades?What are the potential consequences of the weaponization of the dollar and the fragmentation of the world economy?

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