Venezuela takes decisive steps to get rid of the US dollar

Venezuela will create an alternative to the dollar, President Nicolas Maduro said.

According to him, Venezuela will also develop a new international payment system. "Venezuela is going to introduce a new international payment system and create a currency basket to get rid of the dollar peg. We, together with such freely convertible currencies as the yuan, yen, rupees, international currencies, will get rid of the clutches of the dollar that have been strangling our country," Maduro said.

Venezuela's daring move comes as a response to the sanctions that US President Donald Trump imposed on the country. American businessmen were prohibited from making deals with new debt obligations and securities issued by the government of Venezuela and the state-run oil company of the Latin American nation.


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