The post BRICS lays out the blueprint for de-dollarization appeared on BitcoinEthereumNews.com.

BRICS is still dead set on dethroning America and its dollar as the world’s reserve currency. The boys added some heavy hitters earlier this year. UAE, Egypt, Iran, and Ethiopia. They’ve also sent an invite to Saudi Arabia, the world’s top oil producer. But Mohammed bin Salman says he is still thinking it over. If Saudi Arabia jumps on board, BRICS will control 42% of the global oil and gas market. And that could seriously flip the script on how oil deals are done, making it so much easier to use local currencies instead of the U.S. dollar.  Vladimir Putin. Credits: AP Vladimir Putin, Russia’s President, spoke about the impact, saying that: “If oil producers in the Middle East stop using the U.S. dollar, it will be the end of the dollar.” BRICS wants to hit the U.S. dollar where it hurts:- the oil market. The dollar’s value relies on its demand. If demand drops, so too does the dollar. BRICS is calling on oil producers to ditch the dollar, and the strategy is starting to bear fruit.  The dollar’s share of global reserves is shrinking at a rate ten times faster than the average over the past 20 years. Analysts blame U.S. sanctions, especially those tied to geopolitical spats like Russia’s conflict with Ukraine. Related: Today in BRICS: Modi with Putin, Saudi between Russia and US, and Iran fully dumps dollar Countries are scrambling for dollar alternatives, leading to the rise of new payment systems like Russia’s SPFS and China’s CIPS. As of July 2024, nearly 70 countries have started de-dollarizing one way or another. Joe Biden. Credits: Reuters They’re exploring bilateral currency swaps and other independent payment methods.  BRICS is even talking about creating a new common currency backed by real assets, not just gold. And also crypto.…

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Filed under: News - @ July 19, 2024 11:10 pm