The BRICS alliance aims to launch a new currency on the markets to take over the hegemony of the US dollar. The idea of a multipolar world is growing and developing countries appear to be attracted to the prospects of strengthening their own economies.
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The upcoming summit in October will lift the curtains on the yet-to-be-released BRICS currency. The 16th BRICS Summit will take place in the Russian region of Kazan. The bloc now consists of nine members and the idea of launching a new currency will be accepted by consensus.
The introduction for BRICS currency is gaining momentum, says expert
An Indian financial expert Anil Trigunayat revealed that the proposal to launch the BRICS currency is gaining momentum. He explained that the new BRICS currency will be a reliable alternative to the US dollar. “The proposal to adopt the BRICS currency is gaining momentum,” he said.
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“If launched, it will enable the creation of a new and potentially more reliable alternative mechanism, similar to the BRICS Bank. I think it can happen gradually,” he said. Read here to know how many sectors in the US will be affected if the BRICS dumps the dollar for trade.
Furthermore, Trigunayat explained that BRICS is the only successful alliance capable of taking on the US and the West. He revealed that more than 20 countries are knocking on the door to join the bloc.
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“BRICS is a quite successful non-Western geo-economic group, which recently saw five new members join it. In addition, there are more than twenty countries waiting in the wings that are willing to participate.” he said.
Moreover, the financial expert said that the US weaponizing the dollar led to the BRICS deciding to form a new currency. “The global financial architecture has failed in recent years as financial instruments have been weaponized,” Trigunayat said.