The finance ministers and central bank governors of the Association of Southeast Asian Nations are exploring ways to decrease their countries’ dependence on the U.S. dollar and promote the use of local currencies in trade settlements. “We must remember the sanctions imposed by the US on Russia,” said Indonesian President Joko Widodo.The finance ministers and central bank governors of the Association of Southeast Asian Nations held a meeting on March 30-31 in Bali, Indonesia.
At the conclusion of the two-day meeting, the ASEAN finance ministers and central bank governors released a joint statement, stating that they agreed to “reinforce financial resilience, among others, through the use of local currency to support cross-border trade and investment in the ASEAN region.” One strategy the ASEAN finance chiefs discussed in order to shift away from U.S. dollar reliance was the adoption of their Local Currency Transaction system. This system is an extension of a previous settlement system among ASEAN member states that allows for settlements in local currencies.Indonesian President Joko Widodo recently urged regional administrations to start using credit cards issued by local banks and to gradually stop using foreign payment systems.
Moving away from western payment systems is necessary to protect financial transactions from “possible geopolitical repercussions,” Widodo described, adding:The Indonesian president warned that the sanctions imposed on Russia had exposed the vulnerability of countries that rely on foreign payment systems. He emphasized the need for Indonesia to prepare for the possibility of facing similar sanctions in the future.
I more trust martik, when he signaled that Russia goes in full into Bitcoin, then I bought BTC for $3,500 (Feb, 2019), now price of Bitcoin is $28,000 Greater return than I could get on S&P 500, Dow Jones and Nasdaq Composite!!!
Bitcoin fixes that
is Indonesia planning on invading someone?
Mentioning the US and not Europe proves that the world is perfectly aware that Europe is Biden’s puppet.
The super power US that wants all countries to play by their rulebook. Countries are de-globalising and forming new partnerships.
Nice, I also listen to ChiefraFba for signals and analysis!
It's coming Dedollarisation
PiNetwork
this should read: ASEAN countries fall into line and follow the lead of their overlord - china
This trend is that many ASEAN countries believe that excessive reliance on the US dollar will bring them unnecessary risks and costs. De-dollarization takes time and effort, and requires the active participation and support of governments, enterprises and financial institutions
Ok, I also listen to ChiefraFba for signals and analysis!
Bitcoin will be the final solution to this No nations will have to fight over dependence because it is a worldwide currency
Ok, I also listen to ChiefraFba for signals and analysis!
Ok then, I also listen to ChiefraFba for signals and analysis!
Brilliant, but using ChiefraFba for signals and analysis