August 8, 2022

Copy-paste | Dedollarization pushes the world to use cryptocurrencies

Against the backdrop of Trump's protectionist policies, which do not hide their love of duties, more countries They think about reducing dependence on the United States in a variety of ways, including American payment systems.

Tensions between the United States and Europe make Brussels think about ensuring maximum independence from protection from the actions of the administration of the odious American leader.

As part of this trend, European banks have begunto develop its own payment system called PEPSI (Pan-European Payment System Initiative), which, according to the plan, should replace such American counterparts as Mastercard, Visa and American Express. To date, more than twenty regional lenders have been involved in the process, including the German giant Deutsche Bank.

However, banks are likely to be aware ofthe fact that the creation and launch of this system can take years, due to the labor-intensive nature of the process, requiring a comprehensive approach and taking into account the characteristics of all countries in the region. This confirms the example of the existing TIPS instant translation system launched last year. The system still looks “raw” and needs to be improved to be popularized among European corporations and consumers.

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