BRICS Bloc Plans to Replace US Dollar with Cryptocurrency for Trade, Says Russian Official

Anatoly Aksakov, the Chairman of the Russian State Duma Committee on the Financial Market, recently revealed that the BRICS bloc is actively working towards replacing the US dollar with cryptocurrency for international trade transactions, according to a publication from Watcherguru. This bold move signifies the alliance’s ongoing efforts towards de-dollarization and the promotion of its local currencies on the global stage.

The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has been prioritizing the development of digital currency solutions as part of its de-dollarization initiatives. With the introduction of the BRICS Pay system, the alliance has laid the groundwork for transitioning towards a future where cryptocurrencies play a central role in international trade.

Over the past year, the BRICS bloc has made significant strides towards creating a multipolar world, with a particular focus on expanding its influence and reducing reliance on the US dollar. The alliance’s commitment to embracing local currencies in bilateral trade agreements has been a cornerstone of this strategy.

Now, the BRICS bloc is taking a decisive step forward by actively seeking to replace the US dollar with cryptocurrency for international trade transactions. Russia, in particular, has emphasized the significance of this move, stating that the bloc represents a “serious channel to replace fiat currencies in international transactions.”

One of the most intriguing aspects of this initiative is the bloc’s commitment to developing its own Central Bank Digital Currencies (CBDCs) to replace fiat currencies. This approach stands in contrast to the United States’ reluctance to pursue similar projects in the Western world.

As the BRICS bloc continues to assert its influence on the global stage, the prospect of replacing the US dollar with cryptocurrency signals a significant shift in the international financial landscape. With the alliance’s collective determination and commitment to innovation, the future of cryptocurrency in international trade looks increasingly promising.

What is BRICS?

BRICS is an acronym that represents an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. The term “BRICS” was coined by economist Jim O’Neill in 2001 to refer to these five countries, which are characterized by their significant influence on regional and global affairs, as well as their rapidly growing economies.

The BRICS countries are all members of the G20 and are considered to be key players in shaping the future of the global economy. The group was formally established in 2006 when the foreign ministers of the five countries held their first meeting on the sidelines of the United Nations General Assembly.

The Goal?

The primary objectives of BRICS include promoting economic cooperation, facilitating trade and investment, and advocating for greater representation of emerging economies in international financial institutions such as the International Monetary Fund (IMF) and the World Bank.

Since its inception, BRICS has evolved into a platform for dialogue and collaboration among its member countries on various issues, including economic development, political stability, and global governance. The group holds annual summits where leaders discuss key issues and set priorities for cooperation.

BRICS represents a significant force in the global economy, with its member countries collectively accounting for a substantial share of global GDP, population, and natural resources. As emerging economies with immense growth potential, BRICS countries play a crucial role in shaping the future trajectory of international relations and economic development. Read Similar Story