BRICS: Developing Countries Unite to Fight The Dollar

The BRICS alliance is advancing its de-dollarization agenda, bringing together local leaders, municipal leaders and trade unions from over 21 developing countries.

Over 200 mayors from these countries were invited at the BRICS+ forum scheduled for June 21, 2024 to discuss reducing dependence on the US dollar and promoting the use of local currencies.

The aim of this initiative is to empower developing countries by giving them a platform to share their perspectives and strengthen their economies. The purpose of the alliance is to gradually reduce the dominance of the US dollar in world trade.

The potential impact of dedollarization on the US economy could be significant, leading to higher inflation and higher costs of essential goods. The main beneficiaries of this change will be the BRICS countries as they seek to prioritize their local currencies in international trade.

Paetongtarn Shinawatra, Chairman of Thailand’s ruling party, emphasized the importance of the BRICS+ forum in giving voice to nations that have traditionally been neglected in global finance.

She highlighted the forum’s role in promoting a multipolar world and advancing the de-dollarization initiative:

We are convinced that under the BRICS presidency in the person of Russia, the previously unheard countries will finally have their say. Historically, a few superpowers dictated the terms, but now a multilateral world values ​​diverse voices. We believe in connecting different nations and cultures.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.