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The BRICS alliance is advancing in the de-dollarization agenda by cornering the US dollar on the global stage. Local currencies are given prominence while the greenback is being sidelined for international transactions. Many countries like Nigeria and Iraq have also imposed a blanket ban on the USD in foreign exchanges and oil settlements. If BRICS comes up with a groundbreaking path for de-dollarization in the upcoming summit in Rio de Janeiro, the US dollar could be under tremendous pressure as emerging economies are waiting to topple its global dominance. It’s no longer about ‘how the US dollar will be brought down, but is about when’. Also Read: BRICS Will Unveil Most Ambitious Plan: US Congressman 71 Countries Had Settled Trade Before BRICS Started De-Dollarization Source: Freepik.com A total of 71 countries have settled trade payments without the US dollar much before BRICS kick-started the de-dollarization process. The latest data compiled shows that de-dollariz...

Throughout the last several years, the global south has sought ways to de-dollarize the global economy. They have made headway, but the greenback remains the most prominent currency on the planet. This could be why, when it comes to the BRICS bloc taking on the US dollar, 2025 may be the year it either happens or it doesn’t. For as much as the economic alliance has continued to wage war against the currency, the US dollar’s position has not yet been threatened. Indeed, Brazil even confirmed that its position looks to be secured for much of the next 10 years. Therefore, if it is unable to make significant gains regarding de-dollarization this year, it may be safe to question if it can ever happen. Source: iStock Also Read: BRICS: The Biggest Reason India May Eventually Leave The Alliance BRICS & The US Dollar: Is 2025 The Last Year It Can Truly De-Dollarize The Globe? The idea of de-dollarization has seemingly been ingrained in the very makeup of the BRICS alliance. The bloc ...

Formally, Ukraine has already launched its path to euro. It is known that Ukraine is preparing for switching from US dollar to euro as a basic currency, a change occurring at this time due to the increasing currency fluctuations in the world and due to its integration with EU’s economy amid the ongoing aggression of Russia. Also Read: Dogecoin Predicted To Reach $2: Here’s the Timeline Exploring Ukraine’s Move to Euro: Economic, Security, and Market Impacts Source: Watcher Guru Official Confirmation of Plans Central Bank Governor Andriy Pyshnyi has officially confirmed the Ukraine euro plans just recently. Pyshnyi stated: “This work is complex and requires high-quality, versatile preparation.” The change is necessary as currency fluctuations are increasing because of fluctuations in the global markets as well as due to political turmoil globally. The euro versus dollar war has gone a notch higher especially due to the tendency that Ukraine is replacing the dollar...

President Donald Trump is busy imposing tariffs on nations. These tariffs have spurred global market instability, impacting the US markets negatively. This development has also compelled several nations to recoup and figure out a counterstrategy to continue working with the United States. At the same time, nations like China have counter-imposed tariffs on the US, sparking widespread trade war narratives. In its wake, a new development has caught pace, which is now impacting the US dollar, ushering in de-dollarization drives to take over the world. Will the dollar lose its status before Trump’s reign ends? Let’s find out. Also Read: De-Dollarization: Experts Predict Outcome Of Yuan Vs. US Dollar Trump Tariffs and De-Dollarization Source: Watcher Guru Trump continues to rake in headlines no matter what he does. For instance, the president has embroiled himself in an active trade war narrative by imposing strict tariffs on several nations. At the same time, Trump has recently ...

India and China, two of the world’s leading nations and prospering economies, are now doubling down on gold. Over the past few years, both nations have been noted for diversifying their holdings in the yellow metal specifically, showing a new pattern of adoption when it comes to embodying skilled asset management. Also Read: XRP Price Struggles Below $2.2—What’s Next for the Week Ahead? India And China Are Doubling Down On Gold Source: Pexels Per a recent post by the Kobeissi Letter, India has managed to amp up its gold reserves to a new high. Per KL, India’s gold reserves are currently valued at $70.9 billion. Over the last 10 years, India has been closely following a pattern of diversifying its assets into gold all while reducing its dependence on US Treasury bonds. China, on the other hand, is also following a similar pattern. The KL post outlined how China has also been showing rising interest in the precious asset and has been accumulating the yellow metal at a rapid pace. Over th...

The latest data from the international payment messaging system SWIFT shows that the US dollar is the most used currency in the world for cross-border transactions. The total transaction value in the US dollar stood at 60.08% as of December 2024. The Euro comes at a distant second at 12.83% indicating that the dollar’s dominance is here to stay. The other leading currencies are in single digits and stand no chance in challenging the US dollar. Also Read: Cardano (ADA) Predicted To Rally 118%, Hit $1.64: Here’s When Source: statista.com The US dollar makes up a significant part of the global transactions in the SWIFT payment system. Currencies like the Japanese yen take 5.09%, while the Chinese yuan, which is looking to uproot the US dollar’s global dominance stands at 2.8%. The data indicates that the Chinese yuan has a herculean task to take on the USD as its usage is minimal. Despite spearheading the de-dollarization agenda, the Chinese yuan is yet to become the most accep...

The BRICS alliance is working on the formation of a new currency to challenge the US dollar’s global prospects. The bloc aims to dethrone the US dollar from the world’s reserve currency and usher into a new financial era. The bold idea is pushed most by members China, Russia, and Iran, as their economies are hampered by the US. The White House pressed sanctions on Russia and Iran and both countries are seeking an alternative currency. Also Read: More Than 20 Countries Apply To Join BRICS in 2025 On the other hand, China seeks global domination through BRICS and the launch of a new currency will boost its prospects. On the contrary, India is against the idea as their leaders have openly supported the US dollar. India’s Foreign Minister S. Jaishankar repeatedly said that they need the US dollar and will not sideline it for trade. The statement highlights the stark differences and ideas among the member nations of the nine-country alliance. Also Read: BRICS: US Dollar Rem...

The US dollar started 2025 on the front foot and outperformed the local currencies of BRICS countries. The DXY index, which tracks the performance of the US dollar, shows the currency inching towards the 110 mark. The steep rise is adding pressure on local currencies, which have fallen to new yearly lows. As the US dollar outpaces BRICS’ local currencies, leading investment bank Goldman Sachs has warned that a major short-term correction for the stock market is on the cards. Also Read: More Than 20 Countries Apply To Join BRICS in 2025 BRICS: Prepare For a US Market Correction, Says Goldman Sachs Source: Reuters / Brendan McDermid Global investment bank Goldman Sachs predicts the US market should brace for a major downturn in 2025. The forecast from Goldman Sachs comes at a time when BRICS is looking to push the de-dollarization agenda worldwide. “While we expect equity markets to make further progress over the year as a whole — largely driven by earnings — they are increasingly v...

Whether you like it or not, the de-dollarization agenda kick-started by the BRICS alliance is here to stay. There is no denying that the US dollar reigns supreme despite multiple global challenges, but how long can it fend off its adversaries? In the early 20th century, the United Kingdom had its colonies all across the world and ran a famous phrase ‘the sun never sets on the British empire’. Its territories were so large, that you were considered crazy if you would think it would all end someday. Also Read: BRICS: A World Without the US Dollar, Myth or Reality? In no surprise, the sun did set on the British empire just 45 years after the phrase came into existence. The UK is now a country struggling with finances and its colony India, which is a BRICS member has surpassed it through a robust GDP. The turn of events could be brutal as time passes by and those who think that the US dollar will remain supreme forever need a reality check of the British empire. Also Read: JP Mo...

The US is currently encountering one of the most dramatic electoral campaigns in its history. With Trump’s assassination attempt and Biden withdrawing his candidacy, the US is currently in the midst of a massive transformation. With the presidential campaigns in full swing, the candidates have presented different opinions on how they would like to protect the integrity of their currency, the weak US dollar. Trump and his confidante, JD Vance, believe a frail dollar could bolster US exports, which in turn could help stabilize the dollar. But this view has gained notoriety among the masses. Let’s explore why Trump’s plan to derail the US dollar first before amping it up might weaken the dollar even more. Also Read: ASEAN: Indonesia Amps Its De-Dollarization Force To Derail US Dollar Trump Wants a Weaker Dollar: Will This Strategy Truly Work? Source: NBC News Per a recent report by Financial Times, If elected as the president of the US, Trump’s idea of weakening the dollar to b...

Despite looking to cut ties with the U.S. dollar, BRICS and other Asian countries don’t pay local currencies for oil and gas transactions. They prefer using the U.S. dollar for oil trade even after publicly kick-starting the de-dollarization initiative. BRICS mostly contradict their own statements and policies leading to the U.S. dollar reaping the benefits. Also Read: 10 SCO Countries Ready To Ditch US Dollar For Trade One for example, India agreed to pay local currencies for Oil trade with its BRICS counterpart Russia. When asked to pay the Chinese yuan, India backed out and preferred to settle Oil payments in the U.S. dollar. BRICS members contradict themselves on the de-dollarization agenda and are poles apart from making the idea a reality. Also Read: BRICS : US Dollar Wrecking Havoc on Local Currencies Why Do BRICS & Asian Countries Pay the U.S. Dollar For Oil? Source: Reuters / AFP BRICS and other Asian countries pay the U.S. dollar for Oil because local currencies ha...

The US imports its debt around the world making other countries carry the risk of hoarding the currency. The rising US dollar is now a cause of concern for Africa as countries on the continent are unable to repay their debt. As the US dollar rises, nations in Africa have to shell out a bigger amount for debt repayment leading to a deficit. For the uninitiated, a trade deficit occurs when a nation imports more than it exports in a financial year. However, BRICS member China is making use of the opportunity by pushing the Chinese Yuan ahead of the US dollar in Africa . Also Read: BRICS Continue Gold Buying Spree in 2024 BRICS member China is encouraging Africa to use local currencies like the Chinese Yuan and ditch the US dollar. Africa stands to gain in this situation as the Chinese Yuan is cheaper for debt repayment than the US dollar. The development plays straight into the hands of BRICS who kickstarted the de-dollarization process. Also Read: BRICS: China Stockpil...