The SCO is slowly but surely creating a new multipolar world without the US dollar. This process has also been accelerated by the recent BitOasis acquisition by CoinDCX.
Understanding SCO’s Influence in Shaping a Multipolar World
The SCO aims to evolve cooperation and stability, which is a shift from the unipolar order of the U.S. This change is guided by Russia’s foreign policy vision.
Also Read: China Advances De-Dollarization Agenda At the SCO 2024 Summit
As Putin stated, “engagement with multilateral institutions seeks to shift the international system away from a U.S.-dominated unipolar order.” The Russian president deems this shift to be ‘’irreversible’’. Furthermore, Putin warns against the dangers caused by a policy of global domination by one country or group of countries.
The Role of China in the SCO
China is one of the most important players within the SCO, and it is ready to create new opportunities and new prospects.
As expressed by Xi Jinping:
“In the face of unprecedented changes, the Chinese side is ready to create new opportunities in times of crisis and open up new prospects.”
It remains to be seen if Xi will keep his word.
Also Read: 10 SCO Countries Ready To Ditch US Dollar For Trade
Before the start of the SCO Summit, China’s president also stated the following:
“In the face of unprecedented, epochal and historical changes, the Chinese side is ready, together with the Kazakh side, to create new opportunities in times of crisis and open up new prospects,”
This statement evidentiated Xi’s willingness to welcome unprecedented changes and collaborate with other nations like Kazakhstan.
China is trying very hard to show the world that it is open to new opportunities in times of crisis. We’ll find out soon if they will keep their word.
Also Read: SCO Summit: India Doesn’t Want To Replace US Dollar With Chinese Yuan
The Impact of Crypto Exchanges on the Multipolar World
CoinDCX has purchased BitOasis, and this could contribute to the setup of a multipolar world. Crypto exchanges can affect traditional financial systems and also cause de-dollarization.
Putin and Xi will play a very important role in the SCO’s plan to reshape the world to a multipolar configuration. Furthermore, the above-mentioned crypto exchanges accelerate the process.