{"id":20206,"date":"2023-04-25T04:24:29","date_gmt":"2023-04-25T04:24:29","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/indonesia-is-following-brics-de-dollarization-lead-says-central-bank-governor-economics-bitcoin-news\/"},"modified":"2023-04-25T04:24:29","modified_gmt":"2023-04-25T04:24:29","slug":"indonesia-is-following-brics-de-dollarization-lead-says-central-bank-governor-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/indonesia-is-following-brics-de-dollarization-lead-says-central-bank-governor-economics-bitcoin-news\/","title":{"rendered":"Indonesia Is Following BRICS De-Dollarization Lead, Says Central Bank Governor \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Indonesia is following the BRICS\u2019 lead in de-dollarization and shifting away from the U.S. dollar in trade settlements and financial transactions, according to the country\u2019s central bank governor. The BRICS nations are working on creating a common currency to reduce their USD reliance.<\/strong><\/p>\n

Indonesia\u2019s De-Dollarization Efforts<\/h2>\n

Bank of Indonesia Governor Perry Warjiyo said Friday that Jakarta is following the lead of the BRICS bloc to shift away from using the U.S. dollar in trade and financial transactions, Sindonews reported Friday. The BRICS nations (Brazil, Russia, India, China, and South Africa) have been ramping up de-dollarization efforts to use local currencies in international trade and reduce their dependence on the USD. They are also working on establishing a new currency<\/a>.<\/p>\n

Speaking at a press conference following this month\u2019s board of governors meeting, the central bank chief confirmed that Indonesia has implemented the local currency trade (LCT) system. He was quoted as saying:<\/p>\n

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Indonesia has initiated diversification of the use of currency in the form of LCT. The direction is the same as the BRICS. In fact, Indonesia is more concrete.<\/p>\n<\/blockquote>\n

He explained that Indonesia\u2019s LCT system is considerably more concrete than the BRICS de-dollarization approach, given that Indonesia has already implemented the currency diversification method with several nations, including Thailand, Malaysia, China, and Japan. In addition, the Indonesian government plans to sign an agreement with South Korea regarding local currency transactions in early May, he noted.<\/p>\n

As the U.S. continues to weaponize<\/a> the dollar, countries are seeking alternatives, from creating new common currencies to using local currencies. U.S. Treasury Secretary Janet Yellen recently admitted<\/a> that economic sanctions used against countries by the U.S. put the dollar\u2019s dominance at risk.<\/p>\n

What do you think about Indonesia following the BRICS\u2019 direction to ramp up its de-dollarization efforts? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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