The president of the Netley Group says over the last 20 years, the share of global payments in the dollar has gone down at a steady rate.
Michael Goddard, the president of Netley Group, told Sputnik that the process of de-dollarization is happening at a steady rate within the BRICS group and in the global economy, although more work needs to be done to accelerate the process.
“It will be amazing if BRICS can come up with some gold-backed trading currency,” Goddard indicated, highlighting that “de-dollarization is happening fast. Over the last 20 years, you see the share of global payments in the dollar has gone down at a steady rate. This is getting even faster now.”
At the same time, to “truly de-dollarize”, several aspects should be taken into account, the president of the company registered in Russia to attract investments and start businesses pointed out.
“For example, if BRICS can get together and somewhat back the currency maybe with gold reserves of Russia, China, India, whoever, you could come up with a trade currency, sort of the currency that you have in your pocket to spend, but this will be an electronic currency for trade,” Goddard explained.
“Then you can very quickly get a significant share of global trade done in that currency.
Source: Almayadeen
