BRICS Alliance Set to Challenge US Dollar Dominance With New Currency

• The BRICS Alliance is set to discuss the launch of a common currency. 
• Common currency aims to lessen the US dollar’s dominance in international trade.

The BRICS Alliance reported that they are set to discuss the launch of a common currency used for international trade. This report comes ahead of their annual summit, which will take place this summer. The nations are continuing to put their efforts into degrading the U.S. dollar’s dominance in international trade. 

In recent days, de-dollarization has taken over the headlines. There is no doubt that the upcoming BRICS summit will discuss the launch of the common currency. The economic blog discusses the potential alternative to utilizing the Chinese Yuan and other national currencies for international trade. 

BRICS’s Idea on Common Currency

The BRICS Alliance’s move to create a common currency will have a significant impact on global trade. Moreover, the BRICS represent more than 40% of the world’s population. Over the last year, the BRICS have shown significant development. The development of the common currency in the economic bloc has taken the headlines in recent days. 

According to the report, the discussion on the launch of the common currency will be a vital topic at the upcoming summit in South Africa. At the same time, the idea of BRICS’s common currency is still in its early stages. There are lots of questions that remain unanswered and many challenges to consider. 

Implementing a new currency requires a significant amount of coordination and cooperation from the members of the nation. However, the creation of a common currency has the potential to provide more stability and secure trading for the BRICS nations. And also reduce their dependence on the US dollar. The BRICS summit will take place on August 22, and the world will be waiting to see the implementation of the common currency. The successful implementation of a common currency will bring a new era in global trading.