BRICS: An Important Announcement is Expected, Which Could Be a Problem for the Dollar

A financial expert predicts a major announcement that could have a huge impact on the US dollar. In fact, the BRICS alliance is expected to accelerate its de-dollarization efforts at the upcoming event.

Earlier this year it became clear that Russia and Iran work on the creation of a BRICS currency.

Now, with the upcoming BRICS meeting in mind, Christopher Granville, Director of Global Policy Studies and GlobalDataTS Lombard, recently discussed what could change the financial landscape.

Granville wrote that he expects additional attention to be given to the alliance’s dedollarization initiative. He also discussed how central bank digital currency (CBDC) systems could be important to these common goals. Specifically, he noted that BRICS developments in digital currencies could be adopted globally.

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Speaking about BRICS digital currency development, Granville statements”that”a US-isolated CBDC solution is still in sight” that it is in the best interest of multiple countries. He then noted that getting involved in digital currencies would also pose a huge challenge to the US dollar.

Granville stated that in his view, a digital currency platform that is not pegged to the dollar, “would weaken one of the three foundations of the US dollar’s global reserve status”.