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India’s Foreign Minister S. Jaishankar revealed that the number of countries ready to join the BRICS alliance is growing. Speaking at a session titled ‘India’s Rise and Role in the World’ in London, Jaishankar confirmed that the bloc is encouraging developing countries to break the norm and enter a new financial territory without having to depend on the US dollar for survival. Also Read: The U.S. Dollar is Losing Luster: Reuters Poll Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The BRICS alliance is spearheading the de-dollarization agenda in a goal of making local currencies the world’s reserve status. The move could realign the global financial sector tilting the power from the West to the East. Also Read: US Dollar & Stock Market Weakens as Trump Tariffs Go Live Number of Countries Wanting to Join BRICS Alliance Increasing Jaishankar emphasized that the BRICS alliance is “a very diverse group...

De-dollarization is the most talked about subject in developing countries where they aim to uproot the US dollar from the world’s reserve currency status. Emerging economies want their local currencies to take first precedence by ending dependency on the US dollar. The prospects of the greenback are at stake as countries in the East are looking to tilt global financial power on their side. The upcoming decade could decide if the USD will remain the de facto reserve currency of the world. Also Read: 5 US Energy Sectors To Be Affected If De-Dollarization Advances De-dollarization: Analyst Forecasts the US Dollar’s Future Source: stock.adobe.com Leading economist and author Madan Sabnavis predicted that de-dollarization’s time has not come yet and the US dollar will remain the global supreme currency. He wrote that anchor currencies, BRICS currencies, and local currencies are not qualified to withstand the whiplashes of the markets. In addition, “finding common grou...

The BRICS alliance is determined to trade in local currencies and not the US dollar for cross-border transactions. The US dollar is seen as an adversary that hinders their growth in the global financial sector. Local currencies are seen as an alternative option that can bring the hegemony of the USD down. Also Read: Secret Metal That Helped Win World World 2 Is Now Controlled by BRICS Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. BRICS members Russia and China are advancing the de-dollarization agenda convincing emerging economies to use local currencies for global transactions. The move is hampering the prospects of the US dollar as it is being used less for trade and commerce. Also Read: BRICS Moving Away From the De-Dollarization Agenda BRICS: Local Currencies First & Not the US Dollar Source: cryptopolitan.com Similar to the phrase ‘America First‘, the BRICS bloc is now emerging to make ‘local currencies first...