A new South African nation is following the BRICS de-dollarization mission, planning to jail any people in the country who use the US Dollar. As the economic alliance has continued its efforts to abandon the US Dollar, Zambia has become the latest country to ditch the greenback and plans to force its citizens to do the same by law.
Zambia introduces plan to jail individuals caught using the US Dollar and other foreign currency for up to 10 years. pic.twitter.com/2MDbjAFYhj
— BRICS News (@BRICSinfo) July 3, 2024
A draft document released by the Bank of Zambia on Saturday revealed that individuals caught using foreign currency for local transactions could face up to ten years in prison or substantial fines. Zambia is a smaller country in the South African region, this latest drafted rule is likely targeting the US Dollar specifically to garner attention from the BRICS bloc.
Former Zambian president Thabo Mbeki also appears on board with the new initiative to abandon the US Dollar. In a recent discussion around the US Dollar, he said that China, India, many African countries, and those in Latin America had been questioning the use of the US currency as a trading currency in the world. He added if two countries who did not use the dollar as their currency got into trade agreements there was no use in using it.
