The BRICS are preparing a masterstroke against the dollar!
Member countries of the BRICS are intensifying their efforts to establish a new global economic dynamic. This initiative, driven by recent developments and major agreements, could disrupt the current balance of international trade.
BRICS’ Commitment to De-dollarization
Russian Foreign Minister Sergey Lavrov recently emphasized at a press conference that the de-dollarization process within the BRICS is underway. He specifically stated that this process cannot be stopped. Lavrov also mentioned the ongoing development of an alternative payment system for the BRICS bloc. This system is expected to be recommended during this year’s summit.
The BRICS are showing increasing commitment to reducing the use of the dollar in their international transactions. In July, a major trade agreement worth $100 billion was signed between Russia and India. This agreement promotes trade in local currencies and marks a significant turning point in the bloc’s de-dollarization strategy. It aligns with a series of similar initiatives, including a previous agreement with Iran.
Towards a New Payment System
BRICS’ de-dollarization projects are not limited to bilateral agreements. They also include developments in payment systems. Lavrov mentioned the “ideas of creating alternative payment platforms” during the 2023 summit. Iran has recently expressed its support for this system, wishing for all central banks of the bloc to be connected.
This initiative could have major repercussions on the use of the dollar globally, thereby reducing the financial influence of the United States. The BRICS are also working on establishing a mechanism for settlement of payments and accounts. This development could potentially disrupt established international financial practices.
In summary, the BRICS are more determined than ever to pursue their de-dollarization strategy. The process is now irreversible and promises to transform global economic dynamics. The impact of these changes warrants close attention, as they could reshape international financial markets and the balance of economic power.
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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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