As the BRICS alliance intensifies its de-dollarization efforts, the success of this initiative remains uncertain. While several countries are considering joining or already adhering to this movement, the supremacy of the US dollar remains unchallenged. Indeed, despite the coordinated efforts of the BRICS member countries, the dollar continues to outperform the currencies of these nations.
The monetary influence of BRICS is increasing day by day. The latest news reports that the Chinese currency, the yuan, has surpassed the dollar as the most used currency in Russia. This change aligns with the alliance's desire to reduce their dependence on the American currency.
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The BRICS have announced their plan to launch their own currency to break free from dependence on the dollar. While waiting for this project to materialize, the alliance is shunning the dollar through various strategies. One of the most recent ones is the massive use of gold by the BRICS to support their local currencies.
In a bold move that combines the efficiency of traditional finance with the innovation of blockchain technology, PayPal is opening new horizons in the field of cross-border money transfers. Its American users can now use the PayPal USD stablecoin (PYUSD), its dollar-backed crypto, to fund international transfers without incurring transaction fees through the Xoom service.
The BRICS plan to break away from the reliance on the US dollar will have a significant impact on the United States. An effect that, according to analysts, will affect three vital sectors of the American economy, including banking and finance, technology, and trade. This is not to mention the consequences of a debt crisis.
A central bank digital currency (CBDC) linked to the SWIFT network is expected to be launched in the coming months. This development challenges the BRICS countries, which are also working on issuing their own currency. Perhaps this is another reason to place more emphasis on this project?
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The BRICS plan to end the hegemony of the dollar in international transactions continues to provoke reactions in the United States. American Treasury Secretary Janet Yellen recently expressed her concern about the implementation of this project. Especially since, according to her, detrimental effects are being observed on the dollar.
Donald Trump, the likely next president of the United States, has softened his stance on bitcoin.
Former Zimbabwean Finance Minister Tendai Biti does not believe in the promises of financial autonomy through the BRICS' proposed exit from the dollar. In his view, this project being actively pursued by the country alliance is not positive, especially for his country considering joining the BRICS, which is completely understandable.
In an era where blockchain technology and cryptocurrencies are redefining the boundaries of global finance, the BRICS are positioning themselves as pioneers of radical change. With the announcement of an innovative payment system, these emerging powers challenging the hegemony of the US dollar are outlining the contours of a new global economic order based on inclusivity, security, and the speed of financial transactions.
On Monday, February 26, 2024, the European Union adopted a regulation that will require banks, as of 2025, to offer instant transfers at the same price as standard transfers. A small revolution in finance that should boost the use of this still marginal service.
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In accordance with their ambition to move away from the dollar, the BRICS countries are increasing their initiatives deemed useful to achieve these goals. Essentially, this involves questioning certain institutions that promote American hegemony. Following this logic, Russia, an influential member of the BRICS, plans to present a new payment system that aims to undermine the SWIFT network.
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Russia will take over the presidency of BRICS in 2024. Dedollarization will accelerate, as well as cross-border payments involving CBDCs.
We knew that the BRICS were considering, in order to end the hegemony of the dollar, to establish a common currency with possibly a digital option in crypto. It seems that the crypto in question would be bitcoin (BTC) according to the latest news. But can the flagship crypto really be a relevant means of de-dollarization?
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The possibility of a common currency for the BRICS has been making headlines for several months. The latest news is that three out of the five member countries of the organization are particularly ready for the realization of this revolutionary monetary option from a geopolitical point of view. Here's which ones.
The SPFS international payment system, the Russian equivalent of SWIFT, is now available in over twenty-five countries. What about Bitcoin?
In general, the year 2023 has been particularly dynamic for the crypto industry. Specifically, the crypto payments segment is no exception as it has achieved exceptional performance throughout that year. This is at least what a recent study by crypto firm CoinGate indicates.
The American bank JP Morgan believes that the Chinese yuan could take over the crown of hegemony in the financial markets from the dollar. In 2023, the currency of the Middle Kingdom has continued to gain importance. This situation benefits the BRICS, of which China is one of the most influential members.
Iran has recently called on the BRICS to establish a common currency to replace the dollar. This challenge to the dollar by Iran, but also increasingly by Saudi Arabia, explains why the Americans want to put an end to the Iranian regime. The end of the petrodollar would no longer allow the United States to finance its monstrous deficits through other countries.
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After China, Russia has just finalized an agreement with Iran to trade in their local currencies instead of the US dollar. When will it be the turn of Bitcoin?