WHILE the US is stepping up attacks on Iranian civilian infrastructure, the Hormuz Strait toll scheme in yuans and stablecoins is gaining steam.
Iran’s strategy “significantly weakens ‘maximum pressure’ by bypassing dollar-based systems,” Dr. Alam Saleh, a political analyst at the Centre for Arab and Islamic Studies at the Australian National University, tells Sputnik.
This way, Iran is “effectively challenging the US economy and the US dollar’s position as the global reserve currency, as well as the petrodollar system,” echoes Dr Hasan Selim Ozertem, an Ankara-based security and political analyst. “It sets a powerful precedent, encouraging BRICS to experiment with non-dollar trade,” says Saleh.
“The Strait of Hormuz could indeed become a testing ground for petroyuan and crypto-based energy transactions.”
SPUTNIK
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