There is growing discussion of launching a BRICS (Brazil, Russia, India, China, and South Africa) currency that could be a useful tool to help these nations counteract U.S. dollar-based sanctions and reduce American global dominance. The idea of creating a common currency for the BRICS nations has been discussed for years, but it has gained more traction recently due to increasing economic sanctions imposed by the U.S. and its allies on countries like Russia and China.
A BRICS currency could potentially provide an alternative to the U.S. dollar as the dominant global reserve currency, which would allow these countries to bypass the SWIFT international banking system and U.S. dollar-based transactions. This could help reduce the impact of sanctions on their economies.
However, some experts argue that implementing a BRICS currency would be difficult due to the varying economic strengths and political interests of the member countries. Additionally, creating a new currency and establishing it as a viable alternative to the U.S. dollar would take time and face numerous challenges.
In the meantime, some BRICS nations have taken steps to reduce their reliance on the U.S. dollar by increasing trade in their local currencies, investing in digital currencies, and exploring alternatives like central bank digital currencies (CBDCs).
Overall, while a BRICS currency could potentially offer a way for member nations to circumvent U.S. dollar-based sanctions, there are significant challenges that must be overcome for it to become a viable alternative.
Source: Bitcoin.com
The DAPTake: There is growing pushback against US financial and military hegemony and is dragging the dollar down. The US would be best off being a thought leader and technology driver than Global Policeman.