RT.com
29 Mar 2023, 19:19 GMT+10
The regional economic union reportedly wants to protect transactions from ?possible geopolitical repercussions?
The Association of Southeast Asian Nations (ASEAN) is set to discuss dropping the US dollar, euro, yen and pound sterling from transactions and moving to settlements in local currencies, according to the news magazine Tempo.
An official meeting of ASEAN finance ministers and central bank governors kicked off on Tuesday in Indonesia. A regional grouping that aims to promote economic and security cooperation among its members, ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
"Efforts to reduce dependence on major currencies through the Local Currency Transaction (LCT) scheme will be discussed. This is an extension of the previous Local Currency Settlement (LCS) scheme that has already begun to be implemented between ASEAN members," said the report.
Tempo specified that a digital cross-border payments system, allowing ASEAN member states to use local currencies in trade, would be expanded further. An agreement on such cooperation was reached between Indonesia, Malaysia, Singapore, the Philippines, and Thailand in November 2022.
READ MORE: Indonesia to ditch Visa and Mastercard
Indonesian President Joko Widodo has urged regional authorities to abandon Visa and Mastercard payment systems and start using credit cards issued by local banks. Moving away from Western payment systems is necessary to protect transactions from "possible geopolitical repercussions," Widodo said.
Board member of the Indonesian Credit Cards Association (AKKI), Dodit Proboyakti, told RIA Novosti that Indonesia would apply the experience of Russia and its Mir payment system in promoting its own domestic financial network.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Broadcast Communications news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Broadcast Communications.
More InformationNEW DELHI, India: Indian federal police documents indicate that the country has filed a graft case against the UK's BAE ...
NEW YORK, New York - U.S. stocks rallied sharply on Thursday after the House of Representatives passed the controversial bill ...
SANTA CLARA, California: Nvidia Corp, the world's most valuable listed chip company, said that to meet soaring customer demand for ...
BURBANK, California: Over the US Memorial Day weekend, Disney's live-action remake of its 1989 animated classic, "The Little Mermaid," brought ...
NEW YORK CITY, New York: The Nielsen company said that CBS has again claimed the title of most-watched television network ...
NEW YORK, New York - U.S. and global stocks tumbled Wednesday as lawmakers continued to navigate their way through Congress ...
NEW YORK CITY, New York: The Nielsen company said that CBS has again claimed the title of most-watched television network ...
New Delhi [India], June 2 (ANI): Union Home Minister Amit Shah on Friday directed the Ministry of Home Affairs and ...
Jaipur (Rajasthan) [India], June 2 (ANI): In a major administrative reshuffle in Rajasthan, seven Indian Administrative Service (IAS) and 30 ...
Tom Brady insists that he is staying retired this time. "I'm certain I'm not playing again," the seven-time Super Bowl ...
New Delhi [India], June 1 (ANI): Hitting out at Rahul Gandhi over his remarks in the United States on Prime ...
washington - Scientists have expanded the search for technologically advanced extraterrestrial civilizations by monitoring a star-dense region toward the core ...