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BRICS is working towards building a parallel financial system providing an alternative to the US and Western-led global hegemony. The alliance is using local currencies, launching new payment mechanisms, and rewriting trade deals to its benefit. All of these cause harm to the long-term prospects of the US dollar while their economy reduces dependence on the West. Also Read: China–ASEAN Pact Reshapes BRICS Trade as Yuan Hits New Milestone BRICS: Can Their Parallel Financial System Fully Work? Source: Getty Images The short answer is yes, they can build one. BRICS can build a parallel financial system that works. However, building it and replacing the US and West-dominated financial system is challenging. The challenge occurs as the alliance is a diverse bloc having no common ground. Each economy is still developing, while many others remain poor. They need to maintain a balance in developing their own economy and also that of the alliance. This would involve pouring in more time, energy...

‘Talking big’ is what makes leaders from developing countries rise to power, not work. The more they talk big, the more people put them on a pedestal. Work takes a backseat, and we cannot blame them either, because people don’t hold them accountable. Similar to how they failed their countries, they will also fail the BRICS alliance with big talk, no work. When Peter Navarro, the former trade advisor to Donald Trump, said BRICS countries “ hate each other,” he meant it. Though his words sound harsh, there’s an ounce of truth in them. Developing countries compete with each other and usually don’t like it when the other succeeds economically. BRICS will not only fail for this very reason, but they will also fail for many more, as we mention in this article. Also Read: BRICS Central Banks Finally Confirm Years of XRP Development Here’s Why the BRICS Alliance Is Poised To Fail Source: Reuters BRICS countries are in a huddle after Trump imposed...

Jitendra K Tuli, the President of Economic & Technical Consultants, wrote an opinion piece in The Times of India saying that BRICS countries and their leaders are not as holy as they portray to be. He highlighted that BRICS members have so much wealth being consolidated by just a few powerful leaders and businessmen. Tuli stressed that leaders and businessmen from BRICS countries are corrupt and have deposited billions in Swiss Bank for decades. Despite being wealthy countries, the gap between the rich and poor is tenfold that of the US and other Western countries. “Leaders and influential people from all of the BRICS countries, including China, have deposited billions of dollars in Swiss and other offshore banks.” He also explained that the alliance does much less business among themselves than they do with other leading Western countries. Also Read: Minister Drops Major New Hint on BRICS Currency “They do much less business among themselves than they do with the Wes...

Nigeria has called on BRICS to switch to trading in local currencies and refrain from using the US dollar for cross-border transactions. During a meeting at the BRICS trade forum held in Brazil, Nigeria’s House Committee on Foreign Affairs, Wole Oke, said that the alliance must begin investing in each other’s economy to maintain equal economic stability for all. At the trade forum, he urged BRICS to reduce usage of US dollar transactions and begin payments in local currencies. He also urged the bloc to reduce dependency on Western powers and uplift the economies of developing countries. Also Read: BRICS Will Meet in July To Unveil Most Ambitious Plan: US Congressman “Strengthening BRICS trade is no longer optional, it is a necessity. We must trade more with each other, invest in one another, and build a trade ecosystem that puts our people first,” he said, stressing that the time to use local currencies for trade is ripe. The lawmaker proposed BRICS to create a new establish...

Amid the ongoing BRICS de-dollarization agenda, global leading banks Standard Chartered and Deutsche Bank provided the latest insights on the US dollar’s future prospects. The two banks remain bearish on the greenback due to various macroeconomic factors. The trillion-dollar banks are now questioning the profitability of US-backed financial assets on a global scale. Also Read: BRICS: US Hits India Where It Hurts Them the Most: Remittance Tax The US-backed assets, especially the dollar, which was once the bedrock of all global finances, is slowly drifting away after BRICS kick-started the de-dollarization initiative, and Standard Chartered and Deutsche Bank are taking notice of the drastic changes that occurred in the markets since three years. Also Read: BRICS: 5 Countries Pay 93% of Trade in National Currencies BRICS: The US Dollar’s Future Is in Danger, Say Standard Chartered & Deutsche Bank Source: Freepik.com Standard Chartered & Deutsche Bank wrote in their latest repor...

The BRICS alliance is making developing countries trust local currencies more than the US dollar. The initiative of the White House to levy sanctions on Russia in 2022 obliged emerging economies to protect their GDP. The move prompted the bloc to give the de-dollarization a serious thought because the White House was in a position to bring down their economy. Trade power of the emerging economies are more in comparison with the west combined. Also Read: President Trump Says India Has Offered Zero Tariffs on US Goods The US dollar, which was a rock-solid currency for global payments, is seeing its roots being shaken by BRICS. The alliance of the developing countries is now serious in pushing the local currencies forward and developing their native economy. They were in the greenback’s clutches for so many decades and are now trying to clip its wings. The local currencies can rise in the markets while the American dollar goes down within the next few years. Also Read: Mastercard & Mo...

There is no denying that the digital asset industry is set to get a major boost this year. Amid that activity, one BRICS nation is set to launch its very own stablecoin, and it will severely threaten the US dollar. With the market cap of the industry surpassing the $242 billion mark, the potential growth for the alliance’s native currency could be huge. Specifically, it was the United Arab Emirates (UAE) that announced the arrival of a dirham-backed stablecoin. What makes it all the more interesting is that it becomes one of the major competitors to US dollar-backed stablecoins that have dominated the market. Its arrival could set off a new trend and certainly challenge the dominance of the greenback. Source: Truth Social Also Read: China & UAE Reach 5-Year LNG Deal As US Trade War Intensifies UAE Stablecoin Set to Strengthen BRICS Cause, Hinder US Dollar Dominance There is no denying that stablecoins have become a digital asset sector with immense potential. It provides a lot of ...

BRICS is doing everything to puncture the prospects of the US dollar as the White House is accused of weaponizing the currency. The bloc kick-started the de-dollarization agenda and is now convincing emerging economies to trade in local currencies. The alliance has been successful as many developing countries signed trade deals settling cross-border transactions in native currencies. Also Read: BRICS Divided on US Dollar Replacement Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. If the White House fails to import the dollar, the U.S. could enter a new era of hyperinflation. The US dollar needs to maintain its dominant position in the currency markets to make other countries absorb its deficit. Also Read: BRICS: New Country Rejects Local Currency for Oil, Wants US Dollar BRICS: The US Dollar Losing Its Reliability, Say BMO Analysts Source: beincrypto.com Commodity analysts at BMO Capital Markets wrote that the US dollar is losing its...

Europe is extending friendly ties with the BRICS alliance as Trump’s tariffs hit the market in February. Several European leaders have expressed displeasure at Trump’s decision to impose tariffs on close Western allies. BRICS member China is making use of the escalating tensions between the US and Europe and extending cordial relations. Also Read: When Is the BRICS Summit in 2025? Some countries in Europe are reconsidering their relations with BRICS member China, while others are aiming to diversify their partnerships with Japan and South Korea. Many other European nations are reaching out to India to procure goods. The widening rift between the US and Europe stems out of tariffs and its stance in the Ukraine war. Also Read: BRICS: Goldman Sachs Predicts US Dollar Will Experience a Boom US Tariffs: Will Europe Get Friendly With BRICS? Source: VCG However, the European Union faces a mixed approach with BRICS member China as some advocate for partnerships while others take a ...

President Donald Trump has threatened BRICS countries with 100% tariffs if they continue to end reliance on the dollar. Trump stressed that goods entering the US will face a 100% tariff and the bill will be footed by BRICS. This comes after he announced the establishment of the External Revenue Service (ERS) which will collect tariffs and taxes from foreign countries. Also Read: Trump Directs Agencies for Emergency Steps To Reduce Cost of Living BRICS now needs to rethink their de-dollarization initiatives as Trump is coming at them harder. Imposing tariffs on goods entering the US will create a financial imbalance in the imports and exports sector. Businesses could take losses and find it hard to sustain in a competitive global market. “As a BRICS nation, they’ll have a 100% tariff if they so much as even think about doing what they thought (de-dollarization), and therefore they’ll give it up immediately,” said Trump to ANI. Also Read: BRICS Realize They Cannot...

The BRICS alliance is working towards the formation of a common currency for trade settlements to sideline the US dollar. Russian Deputy Foreign Minister, Sergey Ryabkov confirmed that the currency is on the table and will be a reality soon. He explained that the bloc is working on payment-clearing mechanisms, which will also include insurance systems for goods and cargo. He stressed that the BRICS common currency is real and will be unveiled to the world becoming an alternative option to the US dollar. “Not only it exists. It is not hypothetical,” Ryabkov said during a press conference when asked if the currency is a real idea. Also Read: India Rejecting BRICS Currency, Aims To Promote US Dollar BRICS Common Currency Will Include Safety Features Source: Cryptopolitian.com The Russian diplomat revealed that the BRICS common currency will include a variety of options to safeguard its users. The safety mechanisms include: clearing mechanisms, insurance systems, and insurance ...

With the asset class gaining significant attention over the course of the year, both BRICS and the US could be set to race for Bitcoin supremacy in 2025. Indeed, the economic alliance has discussed its interest in integrating the leading asset. Moreover, with the return of Donald Trump to the White House, the United States is looking to emerge as a global leader. In a recent interview, Eric Trump reiterated these hopes. He explained the path that the US has toward becoming a cryptocurrency superpower. Yet, the incoming presidential administration is certainly not alone in those aspirations. His position regarding BTC has mirrored those that Russian President Vladimir Putin has shared in recent weeks. Source: LA Times Also Read: BRICS to Adopt Bitcoin for Trade Settlements? BRICS & US Face Off in Bitcoin Race: Who Will Become Global Leader? Bitcoin is certainly having its moment this year. The token is leading an emerging asset class, as it reached a six-figure price for the first t...

BRICS member Russia has commented on the recent 100% tariff threats issued by President-elect Donald Trump for cutting ties with the US dollar. Russian President Vladimir Putin spoke about the threats by poking fun at the American economy and its dwindling power. The clout that the US carried a few decades ago is no longer in existence as developing countries have come far ahead in steering their economy to prosperity. Also Read: BRICS: Global US Dollar Payments Fall Below 50% While their economy is becoming prosperous, BRICS is focusing on boosting their local currency and not the US dollar. The bloc is determined to use local currencies first and keep the US dollar in the backseat of the global economy. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: Top Economist Predicts the Future of BRICS Currency BRICS: The U.S. Dollar’s Global Influence Is Decreasing Source: Wallpaperflare BRICS leader and Russian President Pu...

Despite the BRICS bloc’s ongoing attempts to lessen Western reliance economically, one expert has said that the whispers of a US dollar demise are greatly overstated as the alliance’s impact has faltered. Indeed, the recent de-dollarization efforts have seemingly had far less impact than the group would have hoped. That does appear to be occurring alongside a shift for the bloc. Specifically, Russian President Vladimir Putin, who was the loudest proponent of ditching the greenback, has recently assured he would not continue trading outside of the currency. Moreover, he could be seeking a boost to US relations amid Donald Trump’s incoming return to the White House. Also Read: Donald Trump Unlikely to Stop BRICS Nations Trading in Local Currencies BRICS Expert Says US Dollar Demise is Further Away Than Alliance Thinks The BRICS bloc is currently caught in an interesting position. Over the last two years, the group has been firmly committed to de-dollarization. Indeed, it...