DeFI News by Thebittimes.Com

The curtains are off and the messaging is clear on the wall that BRICS is after the US dollar’s global dominance. The alliance has thrown the challenge right at America’s doorstep threatening to replace the currency from the world’s reserve status. The 16th summit in Kazan threw in several punches at the US and the West indicating that global financial power might not last forever. Also Read: Western Leaders React to BRICS 2024 Summit BRICS: The First Punch at the US Dollar BRICS threw the first punch by launching a mock-up of a new BRICS currency that could soon take shape. The unveiling of the ‘BRICS bill’ in Kazan is a paradigm shift in how the global finances operate. The bloc aims to shift the power of balance from the West to the East through the new payment method. This puts significant pressure on the US dollar to perform or perish, as BRICS is ushering into a new financial era. JUST IN: Russian President Putin has been gifted a mock-up of a "BRICS...

The BRICS alliance is open to the idea of launching a common currency to challenge the U.S. dollar. BRICS is looking to dethrone the U.S. dollar from its global reserve status and put local currencies in charge. The idea gained momentum after the U.S. pressed sanctions on Russia making developing countries band together to protect their economies. Also Read: BRICS: Payments in U.S. Dollar Decline By 25% For Russian Oil BRICS confirmed that uprooting the U.S. dollar as the global currency is a long-term goal and will take many chances to reach their desired target. Read here to know how many sectors in the U.S. will be affected if BRICS stops using the dollar. So if BRICS launch their common currency someday, will it have the potential to dethrone the U.S. dollar? In this article, we will highlight what financial experts think could happen if BRICS releases a new currency. Also Read: BRICS : Traders Call Out India for Meddling in US Dollar & Rupee Trade Will BRI...

BRICS host South Africa has invited 69 countries to attend the upcoming summit in Johannesburg on August 22 to 24. The invitation has been sent to all African heads of nations and the Global South bodies. Read here to know the list of 69 countries that have been invited to attend the BRICS summit in Johannesburg. On the heels of the summit, South Africa’s BRICS Ambassador Anil Sooklal made a huge announcement reading currency discussions. Also Read: BRICS: India Convinces 22 Countries to Trade in Rupee, Ditch US Dollar The revelations provide insights into what the BRICS alliance would discuss at the table with world leaders. BRICS aims to end the U.S. dollar dominance and allow local currencies to dominate the international markets. BRICS: South Africa’s Ambassador Makes Big Announcement on Currency Discussions Source: Wikipedia Commons The South Africa n Ambassador revealed exclusively to Watcher Guru , that BRICS will discuss the use of native currencies fo...

Saudi Arabia and other oil-rich Middle East countries are looking to join the BRICS alliance and accept the new currency. The UAE, Bahrain, Egypt, and Algeria, along with Iraq and Iran have expressed interest to join the bloc. The move could spell doom to the U.S. dollar as oil exporting nations would begin to accept BRICS currency for cross-border trade and not the USD. The stakes are high as the dollar is on the verge of collapse with many countries interested in BRICS tender. Also Read: Europe Might Get Ready To Accept BRICS Currency So what happens if Saudi Arabia , the UAE, and other oil-rich Middle East countries ditch the U.S. dollar and accept BRICS currency? How hard will the dollar fall and will its place as the global reserve currency come to an end? In this article, we will highlight what could happen to the U.S. dollar if the Middle East accepts BRICS currency. What Happens to the U.S. Dollar if Middle East Accepts BRICS Currency? Source: (Bandar Aljal...