According to a new report in the news magazine Tempo, the Association of Southeast Asian Nations (ASEAN) is about to hold discussions about dropping the use of the US dollar, the euro, and the pound sterling from transactions, in favor of performing settlements in local currencies.

On Tuesday, an official meeting of ASEAN finance ministers and central bank governors began in Indonesia. A regional grouping with the goal of promoting economic and security cooperation among its members, ASEAN members include, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

The news report noted, “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.”

The news report further stated that there were plans to expand a digital cross-border payments system which would allow ASEAN members to use local currencies in trade, eliminating their need to use dollars, euros, or pounds. In November of last year, there was an agreement on such cooperation reached between Indonesia, Malaysia, Singapore, the Philippines, and Thailand.

The President of Indonesia, Joko Widodo, has urged regional leaders in his nation to cease usage of Visa and Mastercard payment systems, and begin using credit cards issued by local banks instead. He added that moving away from Western financial payment tools would protect transactions from “possible geopolitical repercussions,” such as Western sanctions.

Dodit Proboyakti, a board member of the Indonesian Credit Cards Association (AKKI), said in an interview with RIA Novosti, that Indonesia would draw upon the experiences of Russia in forming its MIR payment system, as it develops its own domestic financial network.