The global de-dollarization plan appears to be making great strides in Latin America. Three Russian banks will open offices in Cuba, offering the island the ability to pay in rubles in shops and businesses on the island.
According to Boris Titov, the Presidential Commissioner for the Rights of Russian Entrepreneurs, the financial institutions will open their shops in Cuba They have already applied for the appropriate permits from the Central Bank (BCC).
The banks of the Eurasian country will implement projects for payment with the Russian currency “in the short term”, as Bloomberg points out. This will be done with the Russian payment system MIRthat arrived in Cuba a few months ago.
The MIR has been in operation at the country’s banks’ ATMs since March 2023. This system allows the acceptance of cards from Russian financial institutions. This way, Users can withdraw cash after converting rubles to Cuban pesos.
According to the vice president of the Russian government, Dmitry Chernyshenko, this will be possible “in the very near future”. Pay “with Russian cards” in shops, cafes and restaurants in Cuba.
Cuba joins de-dollarization
The intrusion of the Russian MIR payment system in Cuba seems to be a problem New step in global de-dollarization which is currently in progress. Russia is part of this crusade trying to take space away from the US currency on all sorts of fronts.
Cuba, where Russian influence has existed for decades, was drawn into the anti-dollar movement. For this they will impose from Russia the use of their local currency on Cuban soil, this time for retail. Assuming the plans go as expected by the Russian government.
Using local currencies instead of the dollar It has already been seen in other countriesalbeit at a more macroeconomic level.
As CriptoNoticias reports, China has made progress in adopting the yuan for foreign trade. A trend followed by the BRICS countries and other multilateral organizations, who have expressed an interest in ending their dependency to the US dollar.