Illinois Analyst Predicts If BRICS Currency Can Replace the US Dollar
BRICS currency is the talk of the town lately as the alliance is looking to trounce the US dollar’s dominance. Brazil, which chairs the upcoming summit in July confirmed that the bloc is working on a new payment system where non-members will be allowed to settle transactions. The development could be a game-changer after launch as the US dollar will not be incorporated into the payment mechanism. Also Read: De-Dollarization Reaches European Shores: EU Questions US Dollar Usage The threat of a BRICS currency is looming large and the superiority of the US dollar remains under pressure. Developing countries want to disassociate with the USD as it carries the risk of debt. Holding it in their central banks without diversifying their assets leads to bigger financial issues, including absorbing inflation. Emerging nations are turning to protectionists in a bid to safeguard their economies from America’s debt. Also Read: BRICS Makes Huge Announcement On New Payment System Will BRIC...