Bitcoin News Daily Official TheBitTimes.com

The BRICS alliance is on a mission to bring the U.S. dollar down and make local currencies reign supreme. Developing countries are looking to cut ties with the USD and strengthen their native economies by putting local currencies ahead. The paradigm shift in geopolitics is concerning as the East to looking to topple the West in the financial sector. Also Read: BRICS Pays $4,000,000,000 in Local Currency, Sidelines US Dollar The East wants to break free from the clutches of the U.S. dollar as their economies are being affected by the mounting $34.4 trillion debt. Moreover, a recession in the U.S. will directly impact their economies as the major part of their reserves consists of the USD. Therefore, BRICS is convincing other countries to end reliance on the U.S. dollar and embrace local currencies for cross-border transactions. Also Read: BRICS : China Dumps The Largest US Treasuries in History BRICS Currency: 3 Ways the U.S. Dollar Will Be Affected Source: Crypt...

The 15th BRICS summit held this year ended on a positive note as the alliance inducted six new countries. The induction was historic as BRICS did not expand the bloc for more than a decade. Saudi Arabia, UAE, Argentina, Egypt, Iran, and Ethiopia are invited to join BRICS and be a part of the revolution. In the latest update, Russia’s former advisor to the President, Sergey Glazyev, gave insights about the BRICS currency’s ambitious agenda. Also Read: BRICS: Russia Outperforms US Dollar by Dumping Yuan & Ruble Currencies The economist-turned-politician spoke in length about the upcoming BRICS currency and the group’s ambition to uproot the US dollar’s global supremacy. BRICS wants to dethrone the US dollar as the world’s reserve and replace it with their yet-to-be-launched currency. The BRICS bloc has already begun using local currencies for trade ending dependency on the US dollar for cross-border transactions. Read here to know how many sectors in...