Chain News Daily Today TheBitTimes.com

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...

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...