In the global economic landscape, the dominance of the US dollar has always been an important part of the international financial market. However, in recent years, some countries have begun to explore the possibility of replacing the US dollar in order to reduce their dependence on it. Former Pentagon Colonel Douglas McGregor recently mentioned this trend in an interview.
McGregor noted that Russia, China and India are considering creating a new monetary system as a way to challenge the financial hegemony of the dollar. He mentioned that more than 40 countries have expressed their willingness to accept the new currency, and the ** reserves of these three countries will provide solid support for the new currency. He also stressed that many countries in Asia, Africa and South America are sympathetic to Russia's situation and consider Russia's actions to be a kind of resistance to the aggressive policy of the United States.
Still, McGregor also acknowledges that the creation of a new currency is a long-term process that will not happen overnight. This is also reflected in the dynamics of the BRICS. According to reports, the BRICS countries are considering the establishment of a single currency, which will be discussed at the upcoming 15th BRICS summit in South Africa in August.
The German newspaper Die Welt also reported on the first steps taken by the BRICS countries towards de-dollarization. IMO Managing Director Kristalina Georgieva noted that while the world is gradually reducing the use of the dollar, this trend should not be overly concerned since no other currency is currently able to completely replace the dollar.
In general, the trend towards de-dollarization is developing gradually, but it will take time and international cooperation to achieve it. The creation and promotion of a new currency will be a complex process that will require overcoming technical, political and economic challenges. In doing so, the attitudes and actions of the international community will have a profound impact on the future financial system.