Official: BRICS drops US dollar for settlements

TL;DR Breakdown

  • The BRICS economic bloc has decided to abandon the US dollar for trade settlements.
  • The move aligns with BRICS’ strategy to promote the use of local currencies internationally.
  • Brazil’s President, Luiz Inacio Lula Da Silva, confirmed the decision and announced the alliance’s expansion by six countries by 2024.

Description

Economic tides shift, and in a landmark decision, the BRICS economic bloc has decided to cut ties with the US dollar for its trade settlements. A move that’s bound to create ripples across global economic waters. A Shift Towards Local Currencies This monumental decision is not a mere whim; it has been a steady journey … Read more

Economic tides shift, and in a landmark decision, the BRICS economic bloc has decided to cut ties with the US dollar for its trade settlements. A move that’s bound to create ripples across global economic waters.

A Shift Towards Local Currencies

This monumental decision is not a mere whim; it has been a steady journey for the BRICS nations to shift focus toward their local currencies, especially on the international stage.

The move stands as a testament to the bloc’s resilience and strategic foresight, given the dominant role the US dollar has played in the world economy for decades. What prompts such a massive move, you ask? Well, the answer lies in the bloc’s recent strategies and announcements.

Brazil’s audacious leader, Luiz Inacio Lula Da Silva, not only confirmed this radical step but also declared the expansion of the alliance. By 2024, the BRICS umbrella will shelter six more nations.

While the specifics remain under wraps, the intrigue builds. What does this mean for the global economic order, and more importantly, for the once mighty US dollar?

The Summit that Changed the Game

The global community’s gaze fixed on the BRICS summit, an event that promised revelations and strategies that could redefine geopolitical dynamics.

Among the myriad of discussions and debates, two topics were under the limelight: the promotion of local currencies and the potential expansion of the bloc.

The revelation to ditch the dollar didn’t emerge from a vacuum. It is rooted in a well-thought-out strategy presented by Brazil’s da Silva. His vision was clear: to enhance payment options and fortify the BRICS nations against economic vulnerabilities.

This isn’t just about trading mechanisms; it’s about power dynamics and asserting independence in a world too dependent on traditional giants. Interestingly, the momentum of this movement doesn’t solely belong to the existing BRICS members.

The intrigue intensifies as the alliance gears up to embrace new members, with countries like Saudi Arabia, the UAE, and Iran waiting in the wings. The potential exit of oil sales from the dollar’s domain presents a scenario that is sure to keep global economists and policymakers on their toes.

What the introduction of these heavyweight economies means for the US dollar and its longstanding dominance is a narrative worth watching. For some, this could be seen as BRICS challenging the status quo.

For others, it might be a reminder that in the ever-evolving world of geopolitics, no single currency, no matter how powerful, can rest on its laurels. The ramifications of this decision are undeniable, and they resonate louder given the historical dominance of the greenback.

In closing, the BRICS decision is not just an economic one; it’s a bold statement. It sends a message to the world: traditional powerhouses and currencies can be challenged, new alliances can form, and the future?

Well, it’s as unpredictable as ever. But one thing is for sure, with these recent shifts, the global economic and political landscape will never be the same again.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Official: BRICS drops US dollar for settlements

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月25日 05:04
Next 2023年8月25日 07:51

Related articles

  • Superconductor Discovery Sparks Crypto Frenzy: The Rise of LK-99 Memecoins

    TL;DR Breakdown The discovery of LK-99, a material reported to exhibit superconductivity at temperatures up to 400K (127°C), has sparked a surge in the creation of LK-99-themed memecoins in the crypto market. While the scientific community awaits independent verification of the LK-99 results, the future of these memecoins remains uncertain. Description In the ever-evolving world of technology and finance, a new trend has emerged that has captured the scientific community’s and cryptocurrency markets’ attention. The discovery of a new superconducting material, LK-99, has sparked a flurry of activity in the crypto space, creating a cluster of LK-99-themed memecoins. This article delves into the details of this … Read more In the ever-evolving world of technology and finance, a new trend has emerged that has captured the scientific community’s and cryptocurrency markets’ attention. The discovery of a new superconducting material, LK-99, has sparked a flurry of activity in the crypto space, creating a cluster of LK-99-themed memecoins. This article delves into the details of this phenomenon, exploring the science behind LK-99, the rise of related memecoins, and the potential implications for…

    Article 2023年8月7日
  • Philippines SEC uncovers Gemini’s illegal operations

    TL;DR Breakdown The Philippines SEC has issued a warning to the public regarding the investment in Gemini’s Gemini Derivatives product. The SEC advisory, posted on their website, states that Gemini Derivatives falls under the category of securities according to Philippine law and should be registered with the SEC. The agency warns that individuals selling or promoting unregistered securities may face penalties, including fines of up to 5 million pesos ($89,826) or imprisonment for up to 21 years. The Securities and Exchange Commission (SEC) in the Philippines has issued a warning to the public regarding the investment in Gemini’s Gemini Derivatives product. The SEC advisory, posted on their website, states that Gemini Derivatives falls under the category of securities according to Philippine law and should be registered with the SEC. However, Gemini lacks the necessary licensing and authority to operate in the country, making it an unregistered security. The advisory also highlights the complaints filed by the United States Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission against the crypto exchange. It further quotes comments made by…

    Article 2023年5月24日
  • Chinese suppliers fuel illicit Fentanyl trade with cryptocurrency payments

    TL;DR Breakdown Chinese chemical suppliers are fueling the illicit fentanyl trade by providing precursor chemicals to drug cartels worldwide. Over 90% of these Chinese suppliers accept cryptocurrency payments, with Bitcoin being the most popular choice. The use of cryptocurrencies in the fentanyl trade poses challenges for law enforcement, and efforts are being made to disrupt the financial activities of fentanyl traffickers. Description Chinese chemical suppliers have emerged as key facilitators in the illicit fentanyl trade, providing necessary precursor chemicals to drug cartels worldwide. According to a recent report by Elliptic, a leading crypto analytics platform, over 90 China-based companies were identified as suppliers of fentanyl precursors, with about 90% of them accepting cryptocurrency as payments. China’s ban … Read more Chinese chemical suppliers have emerged as key facilitators in the illicit fentanyl trade, providing necessary precursor chemicals to drug cartels worldwide. According to a recent report by Elliptic, a leading crypto analytics platform, over 90 China-based companies were identified as suppliers of fentanyl precursors, with about 90% of them accepting cryptocurrency as payments. China’s ban on Fentanyl export ineffective Following…

    Article 2023年6月26日
  • Mastercard announces plan to launch its blockchain

    TL;DR Breakdown Mastercard has announced plans to launch its multi-token network blockchain this summer. The company wants to prioritize security in its test version. Description Mastercard, the renowned payment processor, has announced its foray into blockchain technology with the upcoming launch of a test version of its Multi-Token Network (MTN) this summer. The beta release of MTN is set to take place in the United Kingdom, marking a significant step in Mastercard’s blockchain push. Mastercard is set to launch the … Read more Mastercard, the renowned payment processor, has announced its foray into blockchain technology with the upcoming launch of a test version of its Multi-Token Network (MTN) this summer. The beta release of MTN is set to take place in the United Kingdom, marking a significant step in Mastercard’s blockchain push. Mastercard is set to launch the test network in the summer Raj Dhamodharan, the head of crypto and blockchain products at Mastercard, expressed in a letter that MTN would serve as a testbed for developing live pilot applications and use cases in collaboration with financial institutions, fintech, and…

    Article 2023年7月2日
  • China president ditching G20 sparks diplomatic alarm

    Description As I’ve previously reported, China’s President Xi Jinping skipped the recent G20 summit. A move that has left political analysts and international leaders grappling to understand the larger implications. What’s evident, however, is that China’s retreat from this vital forum could reshape global diplomacy as we know it. Beijing’s Cold Shoulder: The New Delhi Standoff … Read more As I’ve previously reported, China’s President Xi Jinping skipped the recent G20 summit. A move that has left political analysts and international leaders grappling to understand the larger implications. What’s evident, however, is that China’s retreat from this vital forum could reshape global diplomacy as we know it. Beijing’s Cold Shoulder: The New Delhi Standoff It was evident from the onset that the G20 summit in New Delhi wouldn’t be business as usual for China. The understated arrival of Li Qiang, the Chinese premier, on a chartered flight, rather than the typical “special planes” signaled the nation’s muted presence. Li’s engagement at the summit was limited, a stark contrast to the proactive diplomacy China is known for. The key question that…

    Article 2023年9月12日
TOP