BRICS: The end of the dollar and the impact of a new union currency
16.03.2024 8:00 2 min reading
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.
-
1
Another big bank has collapsed and is being seized by regulators
27.04.2024 13:30 1 min reading -
2
Decentralized exchange Uniswap reached an impressive record
06.04.2024 15:00 1 min reading -
3
The Eurozone is emerging from recession, and the "big four" economies are outperforming forecasts
01.05.2024 16:15 2 min reading -
4
The Federal Reserve left interest rates unchanged
02.05.2024 16:30 1 min reading -
5
A warning from an American economist – bankruptcies and market collapse are expected
10.04.2024 15:00 2 min reading
The Federal Reserve left interest rates unchanged
The Fed's decision to maintain its cautious stance amid inflation concerns reflects continued uncertainty about the economic outlook.
Oil prices are falling - what's the reason?
Oil rebounded slightly after Wednesday's sharp decline, triggered by a sharp increase in U.S. crude inventories that fueled fears of weakening demand.
BRICS: Russia has no choice but to use the Chinese yuan
Russia is in a precarious position, trying to find a balance between de-dollarization while maintaining its economy.
BRICS: Big American banks suffer huge losses
The two leading banks in the United States reveal significant losses of $4.5 billion.
-
1
Another big bank has collapsed and is being seized by regulators
27.04.2024 13:30 1 min reading -
2
Decentralized exchange Uniswap reached an impressive record
06.04.2024 15:00 1 min reading -
3
The Eurozone is emerging from recession, and the "big four" economies are outperforming forecasts
01.05.2024 16:15 2 min reading -
4
The Federal Reserve left interest rates unchanged
02.05.2024 16:30 1 min reading -
5
A warning from an American economist – bankruptcies and market collapse are expected
10.04.2024 15:00 2 min reading
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