De-dollarisation

BRICS may be facing a potential rift after India publicly announced its decision to opt out of the bloc’s de-dollarization initiative.

Russian Foreign Minister Sergey Lavrov recently announced that 67% of trade within the BRICS bloc is now carried out using national currencies — a dramatic departure from previous norms.

As global monetary tensions escalate and the US-China trade rivalry intensifies, Beijing is making a bold move to disrupt the dollar’s supremacy by launching its own international payment system, aiming to redefine global financial flows and accelerate the rise of a multipolar economic order.

In recent months, the BRICS bloc has been working extensively to push for an alternate financial system in an effort to dethrone the monopoly of the dollar.

As the world of cryptocurrency continues to evolve, there’s been a lot of speculation about whether digital currencies like Bitcoin could one day replace the U.S. dollar as the dominant global currency.

Donald Trump’s proposal to impose 100% tariffs on countries moving away from the US dollar aims to reinforce the dollar's global position. This move reflects his broader economic strategy and is part of his campaign efforts in pivotal states like Wisconsin.

126 nations will attend the BRICS conference in Moscow, aiming to reduce reliance on the US dollar and promote local currencies, ahead of the October BRICS Summit.

The dominance of the Dollar might just crash following the rise of the Chinese Yuan, officially known as the renmingbi (人民币).

BRICS nations are actively reducing their reliance on the US dollar in favour of national currencies, reflecting a broader trend towards economic self-reliance and a shift in global economic power.

BRICS seeks to reshape global trade by reducing reliance on the US dollar, developing new payment systems, and expanding its membership to include countries like Egypt, UAE, and Malaysia.