The BRICS Currency If Launched Will Shake The Dollar Dominance In International Trade
The de-Dollarization should be one of the trending economic phrase words now, as countries under the BRICS are trying to establish a new currency which will enable them carry out some international functions such as buying and selling goods and services. Taking a look at the potential this currency if launched holds against the US dollar, the former White House adviser in a publication says that;
Is it realistic to imagine the BRICS using only the bric for trade? Yes. For starters, they could fund the entirety of their import bills by themselves. In 2022, as a whole, the BRICS ran a trade surplus, also known as a balance of payments surplus, of $387 billion – mostly thanks to China.The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world’s other currency unions.
All these arose with the incessant sanctions which was leveled on Russia due to the geopolitical war with Ukraine which the states are weaponizing the US dollar for this feat, and if the BRICS are successful with this it’s just a matter of time before other countries turn away for the dollar. He made a suggestion that they might possibly name this new currency “BRICS”
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It is a possibility, but do you trust another fiat currency backed by gold from totalitarian regimes? Nothing exciting from my point of view. It is like another token of the crypto world.