Global Shift Away from US Dollar Accelerates as Egypt PM Confirms Local Currency Trade Momentum

Egyptian Prime Minister Mostafa Madbouly has confirmed a growing global trend of nations abandoning the US dollar in bilateral trade. The move, partly fueled by former US President Donald Trump's aggressive tariff policies, is gaining traction among BRICS nations seeking to reduce reliance on foreign currencies.

"Local currency usage in bilateral trade helps maintain balance and eases foreign exchange demand," Madbouly stated during an interview with TV BRICS. While currently deployed for bilateral transactions, the Egyptian PM suggested BRICS nations may expand this approach to multilateral trade.

The dollar's weakening dominance creates potential tailwinds for cryptocurrency adoption as nations seek alternative settlement mechanisms. No specific digital assets were mentioned in the report, but the macroeconomic shift could benefit decentralized finance ecosystems.