BRICS Advances 'Multicurrency System' To Break US Dollar Dominance
BRICS member Russia is pitching a new idea of a ‘multicurrency payment system’ option to break the US dollar dominance. Russia is proposing changes to cross-border transactions where all currencies of existing members will be used to settle trade. The move will bolster local currencies of member nations leading to lesser dependency on the US dollar. Also Read: North American Countries Start Applying For BRICS Membership The new BRICS multicurrency payment system will be a ring of all currencies and become a center for mutual trade. The main agenda is to circumvent the Western financial powers and usher into a new era of global authority. Russia is pitching the multicurrency system to sanction-proof its economy and that of the existing members of the alliance. Also Read: BRICS Country Rejects De-Dollarization, Embraces the US Dollar BRICS: Russia Wants ‘Multicurrency System’ To Challenge US Dollar Hegemony Source: DIRCO/GovernmentZA) Russia wants the new BRICS mul...