The Association of Southeast Asian Nations (ASEAN) is set to discuss dropping the US dollar, euro, yen and pound sterling from transactions and moving to settlements in local currencies, according to the news magazine Tempo.
An official meeting of ASEAN finance ministers and central bank governors kicked off on Tuesday in Indonesia. A regional grouping that aims to promote economic and security cooperation among its members, ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
The report stated:
"Efforts to reduce dependence on major currencies through the Local Currency Transaction (LCT) scheme will be discussed. This is an extension of the previous Local Currency Settlement (LCS) scheme that has already begun to be implemented between ASEAN members."Indonesian President Joko Widodo has urged regional authorities: "
Abandon Visa and Mastercard payment systems and start using credit cards issued by local banks. Moving away from Western payment systems is necessary to protect transactions from "possible geopolitical repercussions."Tempo specified that a digital cross-border payments system, allowing ASEAN member states to use local currencies in trade, would be expanded further. An agreement on such cooperation was reached between Indonesia, Malaysia, Singapore, the Philippines, and Thailand in November 2022.
Board member of the Indonesian Credit Cards Association (AKKI), Dodit Proboyakti, told RIA Novosti that Indonesia would apply the experience of Russia and its Mir payment system in promoting its own domestic financial network.
If you have a USD account anywhere in the world out side of the USA, your money is sitting in the USA in a US banks' Nostro Account. The currency (digital) never leaves the country.
When Osama Bin Bama send those billions in cash over seas, as he was leaving office, that's completely different.
Not only, will Digital currencies control us, the people, they will also control countries.
BAD idea.