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Cryptocurrency News Articles
BRICS Pay System Launch Expected to Reduce Dollar Usage
Oct 07, 2024 at 10:37 am
The BRICS bloc is positioning itself as a challenger to Western financial dominance, with the US dollar facing increasing pressure.
The BRICS bloc is posing a significant challenge to Western financial dominance, particularly with the increasing pressure on the US dollar. As the de-dollarization process accelerates globally, experts speculate that the dollar might be reaching its ‘peak.’ Compounding this issue are other economic problems in the United States, potentially creating a perfect storm for the currency.
In their strategies, the BRICS countries (Brazil, Russia, India, China, and South Africa) have been quite open about their opposition to the US dollar. This is evident in the bloc’s advocacy for local currencies, indicating a shift towards a new world order.
BRICS Pay System Launch to Decrease Dollar Usage
As the 2024 BRICS summit approaches, we can expect further developments in de-dollarization. One key achievement is the expected launch of the BRICS Pay system, which will bolster the group's efforts to reduce the use of the US dollar.
In addition to the policies implemented by the BRICS countries, the group has also experienced some growth over the past year. The bloc has welcomed nine countries into its membership, and many others have expressed interest in cooperating further. This enhanced coordination and the group's efforts to decrease reliance on Western economies pose a threat to the US dollar's dominance as the world's reserve currency.
While BRICS poses a threat to the dollar, experts are also raising the alarm on the currency's future. Robert Kiyosaki, author of ‘Rich Dad Poor Dad,’ has voiced concerns about the US economy, stating that the country is “in the middle of a crash.”
In a recent episode of The Rich Dad Channel podcast, Kiyosaki discussed the worsening economic crisis, highlighting the actions of President Joe Biden, Federal Reserve Chair Jerome Powell, and Treasury Secretary Janet Yellen. He pointed out how their policies, such as increasing the money supply, have exacerbated the country's economic woes. These comments underscore the persistent vulnerability of the US economy, given the dollar's role as the world's reserve currency.
Bitcoin, Gold Emerge as Rivals to US Dollar Dominance
Beyond the de-dollarization attempts by BRICS, other currencies and financial instruments are also emerging in the race to rival the US dollar. Bitcoin and gold have become the primary contenders. Kiyosaki has frequently spoken about the potential of these alternatives, especially amid the economic turmoil observed in the actions of the major central banks.
The BRICS group has taken further steps in exploring the use of gold in a new payment system that could threaten the dollar. As reported earlier by CNF, Russian President Vladimir Putin, in his recent speech at the Russian Energy Week forum, emphasized the need for an alternative payment system for BRICS countries.
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