- Iran is the latest country to reveal plans to continue to reduce the country’s dependence on the USD, as it attempts to strengthen its economy.
- The French and Malaysian Prime Ministers, along with the Crown Prince of Saudi Arabia, shared a similar sentiment about their stance on the U.S. Dollar.
Back in 2022, it was reported that the USD was at its strongest point, in the third quarter of the year.
Fast forward to 2023, and many key players in the finance industry are looking to diversify their currencies. Particularly, institutions and investors are prioritizing crypto and the opportunities it presents.
Bitcoin, the largest cryptocurrency by market cap, has been the topic of conversation for many investors in previous times. Up untill this point, Bitcoin is still a top USD competitor, mostly in countries moving from fiat currency to digital assets like Bitcoin.
While countries looking to reduce their exposure to the USD have not all shown interest in fully adopting Bitcoin, the continuous demand for independence against the USD is signaling a notable uprising.
Notably, the Prime Minister of Malaysia has maintained that it is in fact useless to rely on the U.S. dollar. In a similar fashion, the Crown Prince of Saudi Arabia has stated his disinterest in appealing to the United States.
Very recently, Iran has joined other countries, as they attempt to reduce their dependence on the USD. One of Iran’s officials has recently highlighted the benefits that could follow this action.
Two other key figures share the same sentiments as Iran’s SNSC Secretary
Ali Shamkhan, the Secretary of Iran’s Supreme National Security Council, said that the West’s dominance over the entire global economy could be reduced significantly. According to Shamkhan, this can only happen if the USD can no longer influence trade carried out in the region, or internationally.
The Secretary of Iran’s Supreme National Security Council highlighted this point in a recent meeting with Igor Levitin. Igor Levitin, the Aide to the Russian President was present in Iran, on Sunday, when the meeting was held in Tehran, the capital and largest city of Iran.
As Shamkhani further stated, the proceeds of cutting ties with the USD are already in motion. He referenced that many other countries are already a part of the process.
Another key figure in the world who has shared a similar sentiment is Emmanuel Macron. Macron, the President of France has said that the entire Europe should place its gaze on pulling back from the U.S. dollar.
Macron made this known in a recent interview with a local news outlet, in which he said that leaders In European countries should make an effort towards reducing their ties with America. He proceeded to say that these European countries should avoid being caught in a potential conflict between China and the United States, over Taiwan.
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If the tensions between the two superpowers heat up… we won’t have the time nor the resources to finance our strategic autonomy and we will become vassals.
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