Unveiling the Future: Will the US Dollar Be Replaced By BRICS?

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The BRICS countries - Brazil, Russia, India, China, and South Africa - are in the process of creating a new currency, which does not come as a surprise to those who have been following recent news about the instability of the current global reserve currency and its expected decline in value. It is expected that India and Russia will lead the formation of a financial relationship to establish a new common currency, according to State Duma Deputy Chairman, Alexander Babakov, during the Saint Petersburg International Economic Forum. The currency that will become the common denominator has not yet been announced, and it remains unclear whether it will be the Chinese Yuan, Russian Ruble, Indian Rupee, or something else. However, what is clear is that it will be a central bank digital currency. The focus should be on writing new rules in the financial sphere to enable the use of a common currency, regardless of whether it is a digital Ruble, digital Rupee, digital Yuan, or something else. Babakov emphasizes that this currency must follow the laws of the respective nations. Countries such as Japan, Brazil, and India have been supportive of central bank digital currencies.


China has been a frontrunner in the competition for central bank digital currencies, having advanced its digital Yuan pilot programs for the past few years. It is essential to understand that this move will present a significant obstacle to the United States dollar, even for the chance to maintain its value in the long run. The currency that BRICS aims to establish will be backed by gold or other rare earth elements, providing it with tangible value. This is unlike the US dollar, which is solely backed by the US government and not supported by any valuable asset.
China and Brazil recently came to an agreement to conduct their trade transactions in their own currencies, which completely avoids using the dollar. However, this is not the only indication that the world's reserve currency is facing challenges.

An official from Russia announced last week that the BRICS countries are collaborating to create a "new currency." This development further suggests that the dominance of the dollar is diminishing.



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