Analysis Daily TheBitTimes.com

With the changing tides of international trade, the US Central Bank is reportedly eyeing the creation of a digital dollar as the BRICS economic alliance unveiled its BRICS Pay system. Indeed, Federal Reserve official Michael Barr discussed the status of a Central Bank digital currency (CBDC) and the Fed’s potential recommendation to the US Central Bank. Specifically, Barr has noted that no recommendation has been made. However, he also discussed the need for the agency to continue “learning from both domestic and international experimentation” to aid in the eventual decision. Moreover, the BRICS economic alliance has noted two massive developments in the area of digital finance. Source: iStock Also Read: Circle CEO Believes Digital Dollar Could Be the Solution to De-Dollarization US Set to Consider the Digital Dollar Amid BRICS Advancements The year has been a prominent one for the BRICS economic alliance, as it has experienced impressive growth. Despit...

The BRICS bank, commonly called the New Development Bank (NDB) officially announced a 3-year plan to completely end reliance on the US dollar. The 3-year de-dollarization initiative will lead to BRICS settling trade in local currencies and not the US dollar. The NDB is finding alternative ways to replace the US dollar from dominating the global financial sector. NDB will provide details to BRICS leaders highlighting the means to diminish transactions made in the US dollar. Also Read: BRICS Dumps Another $17 Billion in U.S. Treasuries in a Month BRICS Announce a 3-Year Plan To Ditch the US Dollar Source: Fortune.com The NDB has already outlined its first idea of lending loans to other developing countries in local currencies. The bank suggested to stop lending loans in the US dollar and limit the number of settlements in the USD. The move adds pressure on the dollar making it demand to decrease by a smaller margin. Also Read: BRICS : US Dollar in ‘High Demand’ Amid Israe...

The U.S. dollar is the world’s reserve currency and wields power in all segments of trade. It has the privilege of being the sole currency for all international transactions that eventually fund its deficit. However, the U.S. dollar could depreciate if BRICS convinces Gulf countries to accept local currencies for oil and gas trade. Oil-producing countries like the United Arab Emirates (UAE) and Saudi Arabia are beginning to accept local currencies for exporting millions of barrels of oil. Also Read: BRICS: De-Dollarization Begins With Oil & Gas U.S. Dollar in Jeopardy if BRICS Use Local Currencies To Settle Oil & Gas Trade Source: Freepik.com If the BRICS countries start using local currencies for Oil transactions, it could decrease the demand for the U.S. dollar. The greenback runs on supply and demand, and the move could alter its path on a global scale. A dip in demand for the U.S. dollar leads to its depreciation against other local currencies. Also Read...

The next BRICS summit is scheduled for August 22–24 in Johannesburg, South Africa. All four heads of state will be present at the meeting except for Russia’s President Vladimir Putin, who will attend the summit virtually. Ambassadors from various parts of the world will be present to provide insights about the topics to be discussed. Also Read: BRICS : De-Dollarization Begins With Oil & Gas The stage is all set for BRICS , and the 15th summit is the most important event as it could reshape not only its future but that of the financial world. In this article, we will highlight the topics that could be discussed at the upcoming BRICS summit. BRICS: What Will Be Discussed in the Upcoming Summit? Source: Wikipedia Commons South African Ambassador Anil Sooklal confirmed that BRICS will discuss using local currencies for global trade at the summit. The “Discussion focuses on deepening use of local currencies,” he said. The Ambassador confirmed that BRICS will not look ...

BRICS members China and Russia are advancing to convince other developing countries to ditch the U.S. dollar for global trade. The two countries are extensively promoting the usage of the Chinese Yuan to settle cross-border transactions. They’ve been successful in their quest as India, Pakistan, France, and several other countries paid in the Chinese Yuan. Also Read: BRICS: 22 Countries Open Accounts to Trade In Rupee, Ditch US Dollar The BRICS alliance was looking to create a new currency to challenge the U.S. dollar’s global reserve status. The bloc took a U-turn a month ahead of the summit and announced that the formation of a new currency will not be discussed in August. BRICS member India was the first to indicate this month that it would not take part in the currency formation. Russia ’s Central Bank Governor Elvira Nabiullina also spoke about the BRICS currency saying its launch is not feasible at the moment. BRICS: India & Russia Step Back Fr...

The BRICS alliance is keen on launching a new currency to take on the U.S. dollar for cross-border transactions. The bloc of five nations will meet in South Africa to combinedly decide on the formation of a new currency. The next BRICS summit will be held in August and ideas to challenge the U.S. dollar’s global hegemony will be considered. A total of 41 countries have expressed interest to trade in the soon-to-be-released BRICS currency. Read here to know the full list of nations that want to settle international trade in the new currency. Also Read: BRICS : 130 Countries Move Towards CBDC Currency, US Dollar in Jeopardy BRICS Idea To Challenge the U.S. Dollar Loses Steam? Source: Unsplash Signs of cracks within the BRICS alliance are growing a month before the next summit. India’s External Minister S. Jaishankar hinted that India could back out from the formation of the new currency. He added that India wants to strengthen its native currency, the Rupee, and not ot...