Shanghai Cooperation Organization Accelerates De-Dollarization: Putin : Analysis

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In settlements among Shanghai Cooperation Organization (SCO) members, the use of national currencies has surpassed 92%, as stated by Russian President Vladimir Putin at the SCO summit in Astana, Kazakhstan. The SCO, encompassing countries like India, China, and Russia, aims to boost trade and investment ties by promoting the use of domestic currencies in transactions. Putin proposed an independent payment settlement mechanism within the SCO to reduce reliance on the US dollar, especially after Russia faced restrictions in the Western financial system. The shift towards national currencies in trade has gained momentum globally, with more countries questioning the use of SWIFT for financial transactions.

Analysis:
The article discusses how the use of national currencies among Shanghai Cooperation Organization (SCO) members has risen to over 92%, according to Russian President Vladimir Putin. The SCO aims to enhance trade and investment by advocating for domestic currency usage in transactions. Putin suggested implementing an independent payment settlement mechanism within the SCO to decrease dependency on the US dollar, especially following limitations in Russia’s access to the Western financial system. This transition towards national currencies in trade is a global trend with an increasing number of countries reassessing the reliance on SWIFT for financial transactions.

The credibility of the information provided in the article relies on the source, in this case, the statement made by President Putin at the SCO summit. While Putin’s words carry weight, it is essential to recognize potential biases or geopolitical motives behind the proposal, especially considering Russia’s strained relations with the West. The presentation of facts in the article seems straightforward, focusing on the shift towards national currencies in a trade context.

However, readers should be cautious of potential biases in the portrayal of the SCO’s initiative and the implications of reducing US dollar dominance. The political landscape, marked by tensions between nations and the trend of misinformation, may influence the public’s perception of this information. It is important for readers to seek additional sources, diverse perspectives, and expert analysis to develop a more nuanced understanding of the topic and avoid falling victim to misinformation or propaganda.

Source: RT news: Shanghai Cooperation Organization speeding up de-dollarization – Putin

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