SCO’s Transition to National Currencies: A Serious Effort to Reduce Dollar Dependence
The Shanghai Cooperation Organization (SCO), a group of countries covering over half of Eurasia, is planning to ditch the U.S. dollar and switch to using their own national currencies. This move is a serious and substantive effort, according to the organization’s Deputy Secretary General, Grigory Logvinov. While the process won’t be easy, as the dollar is deeply embedded in national currency systems, the SCO is determined to make the transition.
Despite this move away from the dollar, there are currently no plans to introduce a single currency for SCO members. However, the BRICS group, which includes China, Russia, and India, is reportedly working on creating a new currency for cross-border payments. The possibility of a new BRICS currency has raised concerns in the U.S. about the potential erosion of the dollar’s dominance.
Clever Robot News Desk 2nd May 2023