The BRICS nations are determined to bring a new currency to the global trading stage, and are ready to move away from using the US dollar. BRICS has previously expressed their intention to challenge the dominance of the US dollar in global trade by introducing a new alternative currency. This has garnered interest from numerous countries who are seeking to reduce their dependence on the US dollar.
BRICS is No Longer Relying on US Dollar
According to Daily Hodl, a member of the Russian Parliament has stated that the leaders of BRICS nations have reached an agreement to bring a new global currency into existence. This move is officially aimed at no longer relying on the US dollar in global trade settlements. The Chairman of the Duma State Committee on Financial Markets, Anatoly Aksakov, spoke about BRICS’ efforts to create an alternative currency that will eradicate the US dollar’s role in their global trade.
During a press conference held by Moscow’s Parliamentary Gazette, Aksakov disclosed negotiations that detail how the new currency will work and agreements that could be completed by the end of 2023. The mechanism for BRICS’ currency has yet to be finalized, but it is likely to be supported by gold, precious metals, and other assets. According to Aksakov, the US has overused the US dollar as a political tool and for sanctions, leading to a movement away from the dollar’s hegemony. “By connecting its economy and currency with politics, the US is practically undermining the foundation of its dominance. I am confident that the US dollar’s share in world trade will continue to decline,” he said. Some observers are beginning to see signs of the downfall of the US dollar’s dominance in global trade and as a reserve currency.
Some analysts believe that the reserve currency will not be dominated by one currency, but rather by several currencies such as the yuan and the euro. Some even see the role of Bitcoin as a reserve currency, but unclear regulations in the US have made it a less attractive news item.
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