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At a meeting Tuesday in Russia, BRICS announced that it is in the final stages of its de-dollarization mission. According to BRICS representatives at the meeting, their new payment system was confirmed, and it will become a competitor for the current global reserve US dollar.

 

Economic ministers of leading BRICS member countries have announced that they are in the final stages of completing complete de-dollarization. The bloc’s goal is for its multipolar international monetary system to mark the end of the US dollar as the sole global reserve currency. A new payment system has been rumored and discussed for a significant time, but now the BRICS alliance has officially confirmed its development and first target: the US Dollar.

The BRICS economic alliance has sought to challenge the global economic status quo for the last two years. The bloc has sought increased resistance from the Western-dominated financial order. Those efforts have come in the form of increased de-dollarization practices and the promotion of the bloc’s own local currencies.

Furthermore, the BRICS alliance initiated this two-day meeting with 20 countries in attendance to discuss expansion and economic cooperation. Foreign Ministers of countries belonging to the bloc are currently in the Russian city of Nizhny Novgorod. Topics at hand included the upcoming expansion of the BRICS+, de-dollarization efforts, and building further economic and trade relations with one another. Now, its work in developing its BRICS currency has also been discussed.

BRICS aims to cut ties with the US dollar and use local currencies for all cross-border transactions among member nations. The move is attracting other developing countries to join BRICS in 2024. The idea of ditching the US Dollar for local currencies and a new global reserve has become more popular. The alliance’s gold-backed currency concept and CBDCs are considered worthy alternatives.

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