BRICS: The end of the dollar and the impact of a new union currency

16.03.2024 8:00 2 min reading
BRICS: The end of the dollar and the impact of a new union currency

BRICS nations Russia and China have joined forces to teach the US dollar an important lesson in international markets.

This joint effort marks a departure from the overwhelming dominance of the U.S. dollar and stems from dissatisfaction with the imposition of sanctions by the White House on developing nations. The initiative to explore alternatives to the dollar gained momentum thanks to these actions.

According to the Russian diplomat Yuri Ushakov the creation of a new currency within BRICS is of paramount importance to reduce dependence on the US dollar,

This sentiment resonates with the broader goals of the BRICS alliance, which prioritizes the use of local currencies for cross-border transactions. Ushakov emphasized the alliance's commitment to creating an autonomous payment infrastructure independent of the US dollar.

The envisioned BRICS currency payment system is poised to integrate innovative technologies such as blockchain and digital financial assets. Ushakov emphasized the alliance's belief in the use of cutting-edge tools to realize this goal

He highlighted the inclusivity and accessibility of the proposed payment system aimed at meeting the needs of governments, businesses and individuals while reducing the dominance of the US dollar.

Notably, Russia recently passed legislation allowing global trade settlements in digital financial assets (DFA), underscoring the BRICS' proactive approach in challenging the hegemony of the US dollar.

Discussions on the potential of the BRICS currency are likely to feature prominently at the upcoming 16th summit to be held in Russia's Kazan region.


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One Response to “BRICS: The End of the Dollar and the Impact of a New Union Currency”
  1. Truth,

    Can India trust this new currency domain because china is worst & aggressive in dominating then American were World countries have already seen how china was behaving with control of supply chain Industry were all major countries starting to withdraw on Chinese dependent

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