In an interview with RT, Cuban President Miguel Diaz-Canel expressed his views on the global de-dollarization trend, highlighting the negative consequences of the U.S. dollar’s status as the global reserve currency. Diaz-Canel argued that this status allows the United States to pursue an “aggressive hegemonistic policy,” characterized by actions such as building walls, imposing punitive sanctions, blackmail, aggression, and slander. He emphasized that the BRICS economic bloc offers a promising alternative for economic integration, especially for developing economies.

The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, have been actively working towards reducing their reliance on the U.S. dollar. They advocate for settling trade transactions using their respective national currencies and plan to discuss the potential adoption of a common BRICS currency at their upcoming summit in August. It is widely believed that the establishment of a successful BRICS currency would undermine the dominance of the U.S. dollar.

Despite not being a member of the BRICS group, Cuba has maintained a strong partnership with Russia, dating back to the Soviet Union era. Trade between Moscow and Havana has experienced substantial growth, reaching $452 million last year, triple its previous value.

The United States has imposed comprehensive economic sanctions on Cuba for several decades, citing reasons such as human rights violations, communist tendencies, and regional instability. Diaz-Canel acknowledged Russia’s leading role in shaping a multipolar world and stressed the importance of continued de-dollarization efforts, which he believes will lead to more inclusive and mutually beneficial trade. He criticized the US for its “lies and empty promises” and emphasized the need for countries to reject such rhetoric.

President Vladimir Putin of Russia has also voiced his support for a multipolar world, asserting that those who fail to recognize and follow this trend will be at a disadvantage.

Beyond the BRICS nations, an increasing number of countries are intensifying their de-dollarization efforts. Ten Southeast Asian nations belonging to the Association of Southeast Asian Nations (ASEAN) recently agreed to promote the use of their national currencies. Additionally, high-ranking officials from nine Asian countries convened in Iran to discuss de-dollarization measures.

The statements made by President Miguel Diaz-Canel have sparked a debate about the benefits and drawbacks of de-dollarization. We invite you to share your thoughts on his perspective in the comments section below.

FAQ about de-dollarization

What is de-dollarization and why is it significant?

De-dollarization refers to the process of reducing reliance on the U.S. dollar in international transactions and trade settlements. It is significant because the U.S. dollar’s global reserve currency status gives the United States significant power to impose sanctions, exert influence, and pursue aggressive policies. De-dollarization allows countries to diversify their currency holdings, reduce vulnerability to sanctions, and promote economic integration on their own terms.

What is the BRICS economic bloc?

The BRICS economic bloc is an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. These countries have come together to promote economic cooperation, trade, and investment. They aim to create a more balanced global economic order and reduce their dependence on the U.S. dollar by advocating for the use of their respective national currencies in trade settlements.

How does de-dollarization benefit developing economies?

De-dollarization benefits developing economies by providing them with more autonomy and control over their economic policies. By reducing reliance on the U.S. dollar, these countries can mitigate the impact of punitive sanctions, trade restrictions, and economic pressures imposed by the United States. It also opens up opportunities for increased trade and economic integration within the BRICS bloc and other nations seeking alternatives to the U.S. dollar-dominated financial system.

Is de-dollarization a global trend?

Yes, de-dollarization is indeed a global trend. Several countries and regions, including the BRICS nations, are actively working towards reducing their dependency on the U.S. dollar. Additionally, Southeast Asian nations within the Association of Southeast Asian Nations (ASEAN) have recently agreed to promote the use of their national currencies. The growing interest in de-dollarization reflects a desire for a more multipolar world order and a shift away from the dominance of a single currency in international transactions.

How might de-dollarization impact the global economy?

The impact of de-dollarization on the global economy is complex and can vary depending on factors such as the extent of adoption, the success of alternative currency initiatives, and the response of the United States. If de-dollarization gains momentum, it could potentially reduce the influence of the U.S. dollar, leading to a more multipolar global financial system. It may also lead to increased trade and economic integration among countries adopting alternative currencies, potentially reshaping global economic relationships and power dynamics.

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5 comments

JaneSmith22 June 3, 2023 - 10:01 am

Wow, Cuba’s President really knows how to speak his mind! He’s totally right about the US dollar and its power. It’s about time we consider other currencies for trade and break free from those sanctions and aggression. #DeDollarization #BRICS

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JohnDoe1985 June 3, 2023 - 10:01 am

Cuba and Russia have been buddies for a long time, and it’s great to see their trade growing. The US sanctions on Cuba are so old, they need to let go and move on. Diaz-Canel’s words make sense, we need a more inclusive and fair trading system. #MultipolarWorld

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EconomicNerd June 3, 2023 - 10:01 am

The BRICS nations are making some serious moves against the US dollar dominance. It’s fascinating to see countries advocating for their own currencies in trade settlements. Will we see a major shift in the global economy soon? Time will tell. #EconomicIntegration #CurrencyWar

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TravelExplorer June 3, 2023 - 10:01 am

Southeast Asian nations promoting their own currencies? That’s interesting! It could make traveling and doing business in the region much easier. I’m excited to see how this de-dollarization trend plays out. #ASEAN #TradeRevolution

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FreedomFighter87 June 3, 2023 - 10:01 am

Diaz-Canel is right, man! The US can’t keep imposing sanctions left and right, bullying other countries. It’s time to stand up and find alternatives. Maybe BRICS can lead the way to a fairer economic system. Power to the people! #RejectUSLies #FairTrade

Reply

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