Published March 15, 2024
BRICS countries Russia and China have teamed up to teach the US dollar a lesson in the international markets. The duo was the first to come up with the idea of creating a new BRICS currency to end the US dollar’s global supremacy. The White House pressing sanctions against developing countries is what led to the idea of de-dollarization to begin with. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
Russian diplomat Yury Ushakov confirmed that the formation of a new BRICS currency is important to uproot the US dollar. His comments tow in line with the BRICS alliance that aims to put local currencies first for cross-border transactions. Ushakov stressed that BRICS believes in creating an independent payment system without the need for the US dollar.
He indicated that the new BRICS currency payment system will incorporate blockchain technology and digital financial assets. “We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain,” Ushakov said.
The diplomat explained that the BRICS payment system will be convenient for governments, businesses, and common people alike. The alliance wants to make the payment system accessible to all and dent the prospects of the US dollar. “The main thing is to make sure it is convenient for governments, common people, and businesses, as well as cost-effective and free of politics,” he said.
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SOURCE: www.watcher.guru
RELATED: BRICS: Treasury Secretary Predicts Fall of US Dollar As Reserve Currency
Published March 14, 2024
The BRICS bloc is continuing its dominance and objective to eliminate the US Dollar, and now the US Treasury Secretary predicts the greenback may fall. Treasury Secretary Janet Yellen spoke on “de-dollarization” during a congressional hearing this past summer, and indicated a worry for USD.
When asked at the time if the dollar’s international status was declining, Yellen said “We should expect over time a gradually increased share of other assets in reserve holdings of countries — a natural desire to diversify. But the dollar is far and away the dominant reserve asset.”
In 2022, the US dollar saw an 8% decline in its share of global reserves. With that decline, BRICS is growing in numbers and support. Furthermore, the bloc is pushing its de-dollarization initiative, inquiring with more countries who are reliant on the US dollar to abandon it. Thus, a shadow does appear to be growing behind the greenback, and representatives of the US have begun to take notice.
