Brics Announces Plans to Completely Abandon the US Dollar
Mwembers of BRICS comunity, June 2024 Photo: @Shinsho_ni
June 26, 2024 Hour: 9:22 pm
The Brics is a group of countries interested in the prevalence of international justice, while the West seeks in all ways to stop the multilateralization of the international community to prolong its hegemony.
The new development bank of the economic alliance Brics announced on Wednesday its plans to abandon completely the US dollar in the next 3 years.
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To that end the BRICS will contemplate an integration plan with local currencies to be driven by the project of independent payment system that could be presented this year.
According to some sources, Saudi Arabia could also abandon the dollar in the oil trade and liquidate transactions in yuan, a measure that would bring huge losses to the currency, as China buys more than 20% of the country’s oil exports.
The members of the Brics group have repeatedly stated that multipolarity is a historic process that cannot be stopped, despite the attempts of the West to stop it to prolong its hegemony, which is proclaimed as the main objective of the US. and their allies.
BRICS will abandon the dollar in three years
In 2023 the bloc expanded with the union of several countries such as Iran, Egypt, Ethiopia and the United Arab Emirates and for this year it is expected that other nations will also join.
Saudi Arabia is also working with China to create a multi-CBDC platform for cross-border payments and foreign exchange transactions through digital central bank currency (CBDC).
All of these developments could pose a threat to the dollar’s position at the top of global finance.
Autor: OSG
Fuente: BRICSTV
