BRICS Determined to Trade In Local Currencies, Not US Dollar
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...