IS US DOLLAR ACTUALLY A WEAPON?
Is Us dollar a weapon? Brittany Ruiz
USD(US Dollar) has a great influence upon the geo-politics. Today, the sanctions made by the USA are the most powerful. In the recent days we saw an example of Russia whose economy is on downfall due to the western sanctions, espicially US sanctions. North Korea, Iran and Afganistan is also an example of the downfall economy due to the US sanctions.
USD(US Dollar) is a international currency, which means it is accepted globally. Till the mid 20th century, England’s pound was an International currency but after the WWII countries realised that they want a stable currency and this when US enters. Every country accepted the USD(US Dollar) as a international currency. As a result now if any country wants to buy a oil from middle-east then they have to pay in dollars, if any country have to import cars from Germany then also they have to pay in dollars and if any country wants to import a wheat from Ukraine, then also they have to make transactions in dollars.
When any country opposes US in any way then, they are banned for the transactions by USD, this results in the downfall of the economy and even it collapses few times. Few examples are North Korea, Russia and Iran who can’t do trade in current scenerio due to the US sanctions.
To solve this problem several countries came up with their currencies to neutralise this issue. After the WWII the most of the transactions are made in USD. But now countries like China and India came in this field to make their currency international.
India came up with the world’s most advanced and fastest transaction technology, ‘UPI’. During the lockdown the highest number of transaction made in the whole world was through the UPI in India. UPI QR codes are today available in the every shop from the rural areas to the urban areas.Soon the UPI technology will be available in 22 more countries including South Korea, Japan and Indonesia.
