3 Countries Agree Launch BRICS Currency De-dollarization Move

• 3 BRICS countries have agreed to launch a new currency to challenge the US Dollar.

A new BRICS currency could soon be a reality as three countries have agreed to launch the tender to challenge the US dollar. 

The BRICS alliance is looking to replace the US dollar with a new currency creating a new world order. 

The bloc is advancing towards producing a ‘multipolar world’ where the US and its Western allies will no longer have power and control over other nations

The group is convincing developing nations in Asia, Africa, and South America to ditch the US dollar and embrace the soon-to-be-changing financial world. 

Many sectors in the US will be affected if BRICS stops using the dollar for trade.

See Also: Stablecoins To Back USD Amid De-dollarization Risks: Morgan Stanley

In the latest update, Russia’s former advisor to President Vladimir Putin and economist-turned-politician, Sergey Glazyev, confirmed that the new currency is in the works and is “almost ready”. 

He explained that three out of the five original founding countries have agreed to launch the new currency.

Glazyev stressed that only India and China are yet to give their nod for the formation of a new currency. 

The politician said that the alliance will go ahead only after other members agree and come to a consensus.

“To launch this currency, we need the political consent of the BRICS countries. Three of which have already expressed their support for the idea,” Sergey Galzyev stated. The Russian politician added, “We are waiting for the reaction of China and India”.

In conclusion, the only thing that’s stopping BRICS from launching their new currency is political consent from India and China. 

See Also: BRICS Nations On The Move To Complete De-dollarization

The rest of the three original founding countries Brazil, Russia, and South Africa have agreed to the BRICS currency. The extended new members are yet to come to a common consensus with the BRICS currency.