In recent years, emerging technologies such as digital currencies have gained significant traction, raising questions about the future of the US dollar's dominance in the global financial system. Technologies at University College London said on November 1st for decades there have been calls around the globe to reduce Reliance on the US dollar as early as 1965 French Finance Minister Valerie jescar dang criticized the dollar for its unjustified privileges which had led the US to indulge in costly currencyConflicts 2008's Global Financial crisis raised questions about the Dollar's hegemony and since then with events such as the Russia Ukraine conflict dollarization has become a topic of renewed interest has once again become a topic of great interest former Federal Reserve Governor LEL Brainard said in a November 1st speech at StanfordUniversity's Graduate School of Business that the fed's interest in Central Bank digital currencies is growing especially since China has launched a digital renman B which is having a major impact on global public and private sector developments last November the Federal Reserve Bank of New York and other majorUS Banks began a 12-week pilot program to test the use of the digital dollar and released a report on the risks and benefits of creating a digital dollar for the United States this suggests that the FED as the maker of dollar policy is recognizing the new threat posed by digital currencyThe latest survey by the bank for international settlements reports that as of October 2023 85.6% of the world's central banks are already researching or implementing Central Bank digital currencies an increase of 10% compared to last year in the process of reforming the Global Financial order oil exporting countries could adopt an Innovative crossborderTrading system to create a reserve digital currency backed by by gold or oil to be accepted and supported by central banks globally as one of the alternatives to reducing or bypassing the US dollar countries in the Middle East and Europe as well as Brazil South Africa Venezuela Malaysia turkey andOthers are seeking to use digital currencies as an alternative to the US dollar for strategic resources such as gold or oil thus weakening the Dollar's position countries in the global South are increasingly recognizing ing that the US may use the dollar for financial sanctions as it has done with countriesLike Russia and Iran the bricks countries which have purchased large amounts of gold in the past 24 months to become the largest buyers of gold in 20123 may be preparing to launch a gold-backed digital currency for trade settlements that would become the new global standard for settling transactions alongside the dollarAccording to data released by the world gold C the ECB backed digital currency that bypasses Swift could take off in the coming months Reuters quoted a senior ECB official as saying a few weeks ago Malaysia's Central Bank which has large oil reserves has proposed to the US theUse of a gold-backed currency for transactions between Southeast Asian countries instead of the dollar Iran has not only listed the Yuan as its main foreign exchange currency to replace the dollar but is is also developing a digital currency for gold called paymon Venezuela has officially sold andSettled its oil in Petro becoming the first country to use its own digital currency backed by its oil reserves for oil transactions hoping to break the dollar blockade get rid of the Dollar's restriction on trade and realize the goal of moving wealth from poverty to affluence Venezuela announced that itWill issue 100 million P coins which will have a total value of more than $8 billion based on $85 per barrel of oil the digital currency can be used for savings circulation and payment of wages Venezuela's digital Petro coin offering is the beginning of a process that aims to simplify the transactionProcess and bypass the limitations of dollar settlements through digital currencies last August former bank of England Governor Mark Carney called on global central banks to cooperate in creating a diversified Reserve currency system at the annual meeting of global central banks in the US proposing the creation of a digital Reserve currencyTo end the dominance of the US dollar the latest news on the dollarization of the digital currency space suggests that Global central banks are embracing digital Reserve currencies beyond the expectations of US dollar issuers according to an analysis by us-based Financial website it Zero Hedge Point 2023 on February 9th Israel alsoAnnounced plans to issue a diamond-based digital currency Zero Hedge explains that in fact digital currencies like those issued by Iran and Venezuela as Sovereign currencies may still be subject to regulation by the Swift Global clearing system and monitoring by the US banking system but new measures have been introduced by multinationalInstitutions across the globe including China at this critical juncture China German emerging markets and European countries have begun to actively or compulsorily seek alternatives to the US dollar in the area of commodity trading and foreign reserves using non-dollar currencies such as the Euro and theRenman b as well as gold in order to establish a dollarized Global Financial order as Global dollarization deepens further there is speculation that Middle Eastern oil producing countries including Saudi Arabia Iran and the UAE are converting some of their oil revenues into gold reserves Iran's Central Bank has already launched a newCurrency exchange center in April and for the first time allowed direct gold transactions using foreign currencies such as the Chinese Yuan and the Euro since 2021 these countries have sold off us treasuries significantly and increased their gold reserves global central banks have been selling us treasuries for 62 consecutive monthsWhile gold reserves have continued to increase making them part of a strategy of dollarization Ronan Manley a gold Trader in Singapore said that the accumulation of gold in many countries around the world can be seen as part of the strategy of dollarization because whether it is the real the ruble or theChinese Yuan there is a close link with gold he believes that the development of digital currencies backed by gold could be faster than most expect and that this will become a trend for Global currencies especially as financial markets May once again be tied to gold or digital gold currencies in light ofThe need for Global central banks to address the United States ballooning and debt problems this promises to be a major change in the Global Financial landscape in response to this trend China has already taken steps to differentiate itself from the US dollar Financial system by establishing a domestic payment and clearingInfrastructure known as cips launched in 2015 cips now complements Swift by streamlining crossborder payments in renman B and providing banks with multiple settlement points the digital RMB has now been used for the first time to settle oil transactions with Petrina International purchasing 1 million barrels of C crude oil on October 19thMarking a further advance in the use of China's digital RMB in the international crude oil Market as well as the global dollarization of the currency according to the data R&B crossb settlements grew 35% to $1.39 trillion in the first three quarters of 2023 crude oil and gold FuturesContracts denominated in R&B are likely to have more market share and price pricing power in Asian and Middle Eastern Oil countries and the digital RMB also provides a new settlement system option for other countries according to Professor Aditi Kumar of Harvard University as a result the renman B hasBecome a trump card in the global dollarization process while gold May once again become an anchor of trust in the establishment of a global digital currency system parallel to the dollar as the currencies of these countries and the ren B have established increasingly close Financial ties with gold that concludes today's video pleaseConsider liking subscribing and activating the notification Bell to stay informed about 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