>>20083735>those countries are not trading with you for political reasons, not fiscal onesIt's both. ASEAN literally has a dedollarization task force.
>"ASEAN members are also wary of the role the US dollar plays in sanctions brought on by the US. The US along with the EU froze some US$300 billion of Russia’s foreign reserves and cut its major banks from accessing the SWIFT network in a bid to cripple the Russian economy. As such, these sanctions have forced ASEAN countries to mitigate their risks and engage in diversifying their reserve currencies. Further, they are also wary that the US could use the power of its currency to target them in the future.">"The central banks of the Philippines, Indonesia, Malaysia, Singapore, and Thailand have employed contactless QR code payment systems for goods and services between the countries and thus encouraging greater financial inclusion for consumers and MSMEs in the region.">"This also means a transaction in Thailand using an Indonesian app will be paid through a direct exchange between the rupiah and the baht – bypassing the US dollar as an intermediary. Once the connection linkages have been completed, the central banks will seek to connect with other clusters around the world. " 