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BRICS is working on the formation of a new currency in the global markets to challenge the US dollar’s supremacy. The alliance aims to uproot the US dollar from the world’s reserve and replace it with the new BRICS currency. The battle to dominate the financial sector kick-started after the White House pressed sanctions on Russia and other developing countries. Also Read: BRICS : China Dumps $74 Billion in US Treasuries Nations around the world fear their economies will be affected by sanctions and now want to end dependency on the US dollar. A handful of countries in Asia, Africa, and Latin America are considering cutting ties with the US dollar. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS : Russia Gains $14 Billion Oil Revenue Despite US Sanctions BRICS Currency is Progressing, Confirms South African Ambassador Source: Cryptopolitian.com South African Ambassador to Ch...

The BRICS alliance is looking to work on an alternative currency to take on the US dollar. The bloc is working out several options to end dependency on the US dollar and promote local currencies for global trade. The alliance is also convincing other developing countries to stop relying on the US dollar and promote local currencies instead. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Reports are doing the rounds that BRICS is considering a single unit currency, similar to the Euro, to challenge the US dollar. Also Read: India Begins To Study BRICS Currency Russia ’s Minister of Finance Anton Siluanov said that BRICS members are looking at the possibility of a common unit of account and currency, similar to the Euro . Siluanov said that the currency could work as an alternative to the US dollar, and can be used to denote the cost of some commodities. “This can be a unit of account for the BRICS member countries....

The new BRICS member Ethiopia is signing Bitcoin mining deals with its alliance partner China. The Ethiopian State Electricity Company launched affordable hydropower to attract foreign investments into the country. Ethiopia’s pursuit for foreign exchange currencies netted China’s interest making the two BRICS countries sign a Bitcoin miners deal. China found Ethiopia’s hydropower electricity affordable and lucrative, attracting the perfect opportunity for Bitcoin miners. Also Read: BRICS : US Dollar Ranks 10 Out of 180 Global Currencies BRICS member Ethiopia is the first African country to take precedence over concerns raised by climate change activists. The deal has positioned Ethiopia to be among the leading destinations for Bitcoin mining and BRICS is making the most of the situation. BRICS Starts Bitcoin Mining: China’s BTC Miners Find Haven in Ethiopia Source: chinaobservers.eu A Bloomberg report sheds light that 19 Bitcoin miners from China ...

Leaders of BRICS countries India and Russia spoke at length on Monday discussing various issues on strategic partnerships. The telephonic conversation between India’s Prime Minister Narendra Modi and Russia’s President Vladimir Putin revolved around a roadmap for future initiatives. Russia is leading the charge for BRICS this year as the next summit will be held in October 2024 in the Kazan region. Also Read: 3 Countries Agree To Launch BRICS Currency To Challenge US Dollar The 16th BRICS summit in Russia will see the new extended bloc of 10 countries decide the course of the next action. De-dollarization is the main initiative of BRICS and the alliance could likely decide on the formation of a new currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. BRICS: What Did India & Russia Discuss? Source: Alexandr Demyanchuk / Sputnik / AFP via Getty Images India ’s Prime Minister Modi confirmed th...

In the latest move of strength to push the de-dollarization initiative, the BRICS bank announced it will raise $3 billion worth of funds in local currencies and not the US dollar. The medium-term program initiated by the BRICS bank, commonly called the ‘New Development Bank (NDB) plans to raise $3 billion in local currencies in the next five years. The BRICS bank will provide loans to developing countries in local currencies to help them aid infrastructural projects. Also Read: BRICS Offers Bonds Worth $28 Billion in Local Currency , Not US Dollar The US dollar will not find its place while raising funds giving a boost to local currencies by BRICS. Read here to know how many sectors in the US will be affected if BRICS stops using the dollar. BRICS Bank To Use Local Currencies For Raising Funds, Ditch US Dollar Source: NDB Vladimir Kazbekov, the Chief Operating Officer of NDB said that the bank is preparing to launch its maiden bond offering for the tune of $28 bill...

BRICS members Russia and Iran have officially abandoned the SWIFT payment system for cross-border transactions. The two countries will initiate payments to settle international trade using direct bank transfers. SWIFT payment system is no longer needed for trade between Russia and Iran, as both countries have agreed to carry out transactions directly through the banks. The two BRICS members will engage in direct bank transfers in their respective local currency and not the US dollar. Also Read: BRICS: JP Morgan Issues Major Warning About US Economy The direct bank transfers with no SWIFT are between Russia and Iran only, and not the other BRICS members. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. BRICS: After Being Banned From SWIFT, Russia & Iran Initiate Direct Bank Transfers in Local Currency Source: oilprice.com Both Russia and Iran were banned from SWIFT in 2022 after the US pressed sanctions against the ...

Multinational investment bank Morgan Stanley downgraded the outlook for the U.S. dollar from ‘Bullish’ to ‘Neutral’ on Friday. The global bank cited that the Federal Reserve initiating interest rate cuts led to the decline of U.S. Treasury yields. Morgan Stanley’s outlook for the U.S. dollar is now officially ‘Neutral’ and downgraded from its previous stance of ‘Bullish’. The downgrade comes at a time when the BRICS alliance is advancing to uproot the U.S. dollar’s global supremacy. Also Read: BRICS: India Gets Reality Check, Ditching US Dollar Becomes Impossible Surprisingly, Morgan Stanley was the only bank that provided fodder to the U.S. dollar terming the currency ‘Bullish’ last year. The bank has now taken a U-turn calling the U.S. dollar’s prospects ‘Neutral’ in the global markets. The U.S. dollar index is on a steady decline in the last three months and currently stands at 102 points. G...

BRICS member India had convinced 22 countries to accept the Rupee for international trade and ditch the US dollar. The majority of the countries hail from Asia, Africa, Latin America, and the global south. India also opened special Vostro bank accounts to make it easier to settle payments in their local currency, the Rupee . All the 22 countries had signed the agreement to trade a part of goods in the Rupee and sideline the US dollar. Also Read: Russia Makes Huge Announcement On New BRICS Expansion However, things are not going as planned for India as the majority of countries are now unwilling to keep the Rupee as reserves. India finds no takers for the Rupee as the currency is declining against the US dollar. Hoarding the Rupee in reserves serves no purpose, as the demand for the currency lacks strength in the global market. The default payment is now either the US dollar, Euro, Pound, Chinese Yuan, Japanese Yen, or UAE’s Dirhams. The Rupee is finding no seat at t...

Russian economist Sergey Glazyev made a huge announcement on the development of the upcoming BRICS currency. The soon-to-be-released BRICS currency aims to replace the US dollar as the world’s reserve currency. Glazyev confirmed in a recent interview on Tuesday that the BRICS currency is “almost ready” . He explained that the technicalities of the yet-to-be-launched BRICS currency are put in place and the tools are created. Also Read: BRICS : Global Power Dynamics Shifting From the West BRICS has kept all details about the upcoming currency under wraps providing little to no information to the West. The new currency is expected to challenge the US dollar in the international markets. The alliance is advancing in convincing developing countries to begin using the new currency for global trade and ditch the US dollar. Russian Economist Confirms BRICS Currency Is ‘Almost Ready’ Source: Cryptopolitian.com Glazyev confirmed that the BRICS curre...

The recent BRICS expansion in August saw the bloc moving from the traditional 5-member group to a new 11-nation alliance. BRICS inducted six new countries: Saudi Arabia, the UAE, Argentina, Egypt, Iran and Ethiopia, strengthening the bloc further. All 11 countries are looking to end dependency on the U.S. dollar and promote their local currencies instead. This puts pressure on the U.S. dollar as the currency might not find new means to fund its deficit. Also Read: BRICS: Former Treasury Secretary Predicts Future of the US Dollar Now that the first round of BRICS expansion is complete, South Africa n President Cyril Ramaphosa made a huge announcement on the second round of expansion. Ramaphosa hinted that many more countries could join BRICS and challenge the U.S. dollar in global trade. BRICS: South African President Makes Huge Announcement on Second Round of Expansion Source: AFP Ramaphosa shed light that BRICS is reviewing formal applications sent by the other countrie...

The de-dollarization efforts kick-started early this year are spreading across the globe among developing countries. The BRICS alliance is not the only group of nations that is looking to cut ties with the US dollar. Indonesia is following the BRICS path of de-dollarization and is now looking to ditch the US dollar for global trade. Indonesia ’s President Joko Widodo has directed the creation of a National Task Force to look at avenues to promote their local currency, the Indonesia n Rupiah . Also Read: 2 BRICS Countries To Be Ahead of U.S. GDP in 2075 Indonesia is inspired by BRICS de-dollarization efforts and is finding ways to cut ties with the US dollar. The National Task Force is tasked to widen the use of local currency transactions (LCT) among partner countries. Indonesia ’s Central Bank aims to increase payments in Rupiah for bilateral transactions. Developing countries are going nationalistic with their native economies by putting local currencies ah...

The BRICS summit ended on a positive note as the alliance inducted six new countries into the bloc. The six countries that will join BRICS are Saudi Arabia, the UAE, Argentina, Iran, Egypt, and Ethiopia. However, the US, Europe, and other Western allies are closely watching the BRICS expansion and their agenda of de-dollarization. The US, Germany , and the European Union reacted to the recent BRICS expansion and their de-dollarization efforts. Also Read: After BRICS, G20 Summit in the Spotlight BRICS Expansion: The US, Germany & European Union React Source: ft.com The US White House Press Secretary, Karine Jean-Pierre, said that America will not stop other countries from choosing partners to trade with. She emphasized that the US is focused on trading with all countries and won’t interfere in their internal affairs. Also Read: BRICS Discussing to Launch a New Settlement Currency for Global Trade “US policy does not ask our partners to choose between the...

Amid talk of the BRICS nations creating an alternative currency, international interest in Bitcoin has surged amid the US dollar’s falling usage. Specifically, the Bitcoin 2023 conference that took place in Miami saw Marathon Digital Holdings, a massive Bitcoin mining firm, announce its hopeful expansion into the United Arab Emirates (UAE).  The announcement arrived as the company noted its construction of a new mining plant in the UAE. Additionally, a Bitcoin mining equipment company, MicroBT, announced its expansion to more than 65 countries. Proving the fruit of international interest in digital assets. Source: news.cgtn.com BRICS Nations Driving Bitcoin Interest? The last few weeks have seen a stark increase in the discussion surrounding the creation of an alternative currency. Moreover, Telesur reported that the BRICS bloc is developing its currency amidst a massive influx of submission requests. Now, it appears as though the actions of the BRICS nations have dr...