BRICS Alliance Pursues New Currency to Challenge U.S. Dollar
The BRICS alliance, consisting of five nations, is eager to introduce a new currency that would compete with the U.S. dollar for international transactions. They plan to convene in South Africa during the upcoming BRICS summit in August to collectively discuss the establishment of this new currency.
The goal is to challenge the global dominance of the U.S. dollar. Excitingly, a total of 41 countries have expressed their interest in participating in trade using the upcoming BRICS currency. You can find the full list of nations interested in settling international trade with this new currency by following the provided link.
BRICS’ Plan to Challenge the U.S. Dollar Loses Momentum:
As the next BRICS summit approaches, signs of division within the alliance are becoming more apparent. India’s External Affairs Minister, S. Jaishankar, suggested that India might not participate in the creation of the new currency.
He emphasized India’s focus on strengthening its own currency, the Rupee, rather than adopting other currencies. To learn more about India’s concerns regarding China’s potential utilization of BRICS for self-interest and global domination, please refer to the provided link.
Leslie Maasdorp, Vice President of the BRICS bank, the New Development Bank (NDB), expressed similar sentiments to Jaishankar. In an interview with Fortune, Maasdorp emphasized that the development of an alternative currency is a long-term ambition rather than an immediate priority.
BRICS Bank VP Backtracks on New Currency, Long-Term Goal Persists:
According to the Vice President of the BRICS bank, there are currently no plans to create a BRICS currency. This suggests that BRICS ambassadors are stepping back from the idea of launching a new currency. However, Leslie Maasdorp emphasized that challenging the U.S. dollar remains a long-term goal for the alliance.
In the event that the BRICS currency idea does not materialize, the bloc will explore other alternatives to find new currencies for global transactions.
Awaiting the Next Summit:
To gauge the outcome of the plan to challenge the U.S. dollar, we must wait until the next summit. Presently, the objective of uprooting the U.S. dollar remains a significant driving force for developing nations.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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