Venezuela’s President Nicolas Maduro announced on Tuesday that his country will move forward and ditch the US dollar in economic transactions. The South American nation is the newest one to publicly share plans to abandon the US currency after Argentina agreed to begin paying for imports in the Chinese Yuan.
Speaking to local media, Maduro said, “This is the path of Venezuela and the path of a free economy where currencies are not used to punish countries and impose sanctions.”
Inflation in the US is prompting multiple countries around the world to ditch the US Dollar. The BRICS Alliance is publicly looking to expand, as well as bring in a new currency to put USD on the back burner. Multiple countries, even in South America, are in support of this. Whether it be in a new BRICS currency, the Chinese Yuan like Japan, or native currencies, countries are looking to decline the US dollar dominance around the world.
The US Dollar remains in a rapid decline, and it will only go further downwards as more and more nations who previously relied on it decide to ditch it. If another country in South America besides Argentina, Brazil, and Venezuela ditches the US Dollar, soon it may domino into the entire continent doing the same.