Welcome DT News

  • CONTACT
  • ABOUT US
Deythere
  • Home
  • News
    image 101
    CryptoNewsSponsored Article

    Best Crypto Presale: Could MoonBull Be the Best New Coin to Join Today as Floki Grows and Pepe Upgrades Dominate October?

    Best crypto presale opportunities are lighting up the market this week, giving…

    By
    Benedikt Krüger
    October 7, 2025
    BNB Chain Integrates Chainlink Data Standard to Stream U.S. Economic Data Onchain
    NewsBlockchainCryptoMarket
    BNB Chain Integrates Chainlink Data Standard to Stream U.S. Economic Data Onchain
    October 7, 2025
    MetaMask to Distribute $30 Million Through New Rewards Program
    NewsCryptoMarket
    MetaMask to Distribute $30 Million Through New Rewards Program
    October 7, 2025
    Trump’s Tariff Stimulus Proposal Sparks Talk of Crypto Liquidity Surge
    NewsCryptoMarket
    Trump’s Tariff Stimulus Proposal Sparks Talk of Crypto Liquidity Surge
    October 7, 2025
    BTC and ETH ETF
    NewsBitcoinEthereumMarket
    Why Bitcoin and Ethereum ETFs Are Seeing Unprecedented Institutional Inflows in 2025
    October 7, 2025
  • Cryptocurrency
    image 101
    Best Crypto Presale: Could MoonBull Be the Best New Coin to Join Today as Floki Grows and Pepe Upgrades Dominate October?
    8 Min Read
    BNB Chain Integrates Chainlink Data Standard to Stream U.S. Economic Data Onchain
    BNB Chain Integrates Chainlink Data Standard to Stream U.S. Economic Data Onchain
    6 Min Read
    MetaMask to Distribute $30 Million Through New Rewards Program
    MetaMask to Distribute $30 Million Through New Rewards Program
    8 Min Read
    Trump’s Tariff Stimulus Proposal Sparks Talk of Crypto Liquidity Surge
    Trump’s Tariff Stimulus Proposal Sparks Talk of Crypto Liquidity Surge
    6 Min Read
    BTC and ETH ETF
    Why Bitcoin and Ethereum ETFs Are Seeing Unprecedented Institutional Inflows in 2025
    6 Min Read
    image 90
    Bonk Price Prediction 2025: Will BONK Moon to $0.00005, as MoonBull Ignites the Best Crypto Presales to Buy Now?
    10 Min Read
    Previous Next
  • Pages
    • Contact Us
    • Customize Interests
    • My Bookmarks
Reading: BRICS Dedollarisation In View: BRICS Push for Dedollarisation, Reducing Reliance on US Dollar
Share

[ccpw id=”7831″]

DeythereDeythere
Font ResizerAa
  • Home
  • Crypto
  • Market
  • News
  • Blockchain
  • Contact
Search
  • Home
  • News
  • Cryptocurrency
  • Pages
    • Contact Us
    • Customize Interests
    • My Bookmarks
Have an existing account? Sign In
Follow US
© DT News. All Rights Reserved.
Deythere > News > News > BRICS Dedollarisation In View: BRICS Push for Dedollarisation, Reducing Reliance on US Dollar
News

BRICS Dedollarisation In View: BRICS Push for Dedollarisation, Reducing Reliance on US Dollar

BRICS Dedollarisation In View: BRICS Push for Dedollarisation, Reducing Reliance on US Dollar
BRICS Dedollarisation In View: BRICS Push for Dedollarisation, Reducing Reliance on US Dollar
Furuhashi Daiki
Last updated: August 15, 2024 8:48 am
By
Furuhashi Daiki
Published August 15, 2024
6 Min Read
Share

The BRICS economic group is changing its global trading strategy significantly. They are moving away from its historical dependence on the US currency. Sameep Shastri, vice chairman of the BRICS Chamber of Commerce and Industry, highlighted this dedollarisation trend in a recent interview. Shastri said the BRICS countries relying less on dollar in international commerce. They are choosing to conduct business primarily using their currencies.

Contents
  • How the BRICS Countries Are Dedollarising Their Economy
  • The Expansion of BRICS and Its Impact on Dedollarisation
  • BRICS dedollarisation: The Evolving Landscape of Global Finance

BRICS Dedollarisation In View: BRICS Push for Dedollarisation, Reducing Reliance on US Dollar

The BRICS dedollarisation effort is a component of a larger plan to increase member countries’ economic independence. It is part of the plan to subvert the Western economies’ long-standing hegemony in international commerce. Regarding the BRICS bloc’s rising economic power, Shastri singled out Russia, India, and China. Thus implying that these countries are driving change in the international financial system.

How the BRICS Countries Are Dedollarising Their Economy

The BRICS countries are working together to dedollarise their economies. The BRICS dedollarisation movement indicates that they are trying to use less dollars in international trade. On Monday, Tass interviewed Sameep Shastri about shifting economic factors.

Shastri stressed that BRICS countries are trading in their national currencies. These include the Russian ruble, Indian rupee, and Chinese yuan instead of the U.S. dollar. He said, “I think we are going to see dedollarization soon. We have already started our trade using rubles and rupee and yuan and rupee, our own currencies, and we do not attach much value to dollar anymore.” Shastri stressed the need to strengthen national currencies and economies. He said,  “We should not be dependent on one single currency. We should be dependent on our own currency, and we should make it strong and make our economy strong.”

This year, the BRICS economic bloc added Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia. This is in addition to its founding members, which are Brazil, Russia, India, China, and South Africa.

BRICS Dedollarisation In View: BRICS Push for Dedollarisation, Reducing Reliance on US Dollar

Furthermore, Shastri said that the Global South is becoming more powerful economically. This challenges the idea that Western nations have the greatest economy. He highlighted the increasing clout of China, Russia, and India in the international economy. He stressed, “If you just look at Russia, India, and China — we are very strong three nations among the growing economies.”

“India has become the fifth largest economy, so we are proving to the world that self-reliance is very important now,” he added. Despite their physical separation, Shastri reaffirmed that the BRICS nations are achieving strategic and durable growth. Thus establishing them as major actors in the international arena.

The Expansion of BRICS and Its Impact on Dedollarisation

The BRICS dedollarisation efforts have taken on a new dimension. This comes with the recent addition of Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia to the BRICS group. This growth provides the EU with more economic and geopolitical clout. In addition, it opens up new possibilities for dedollarisation initiatives.

UAE and Saudi Arabia’s engagement in global oil trading might speed up the BRICS dedollarisation process. The dollar’s position as the world’s principal petrocurrency might be severely challenged. This will be so if these nations accept oil payments in currencies other than the US dollar.

BRICS Dedollarisation In View: BRICS Push for Dedollarisation, Reducing Reliance on US Dollar

In addition, the combined economic and demographic might of the BRICS countries is greater than before. Therefore giving it more clout in determining global economic policy and standards. This may inspire other countries to diversify their currencies and trading patterns. Hence, it would give the BRICS dedollarisation initiatives more impetus.

BRICS dedollarisation: The Evolving Landscape of Global Finance

There has been a dramatic change in the international economic scene due to the continuing BRICS dedollarisation initiatives. The BRICS countries are actively working to diversify their currencies away from the dollar and into international commerce. This is leading to a more multipolar global financial system.

Aiming for more economic independence and sovereignty, BRICS member states are moving away from relying on the dollar. The BRICS nations want to strengthen their economic independence. They intend to protect their economy from outside influences by decreasing reliance on a single global currency.

The BRICS dedollarisation process, however, is intricate and will most certainly take a long time to complete. It calls for a change in global economic standards and the creation of new financial infrastructure. The market closely monitors how this process impacts international commerce, currency markets, and the global economy. Deythere monitors the long-term viability of the price hike as it is contingent upon variables. 

 

Advertising

For advertising inquiries, please email . [email protected] or Telegram

Crypto Revolution 2024: Why Qubetics, Near Protocol, and Cronos Are November’s Best Picks

IOTA Blockchain Tool to Simplify Music Rights Management for Filmmakers

Live: Crypto Prices, Tariff Impact, and Global Market Fallout—Explained

Grayscale Bets on Polkadot—Will the SEC Approve Its Spot ETF?

Bitcoin Takes a New Role in Australia, Fuelling Investor Interest

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Email Copy Link Print
ByFuruhashi Daiki
Daiki Furuhashi is a seasoned expert in blockchain technology and cryptocurrency, with over 7 years of experience in the field. Beginning his career as a software developer in a leading fintech company in Tokyo, Daiki quickly recognized the transformative potential of blockchain. Over the years, he has led numerous blockchain projects, focusing particularly on smart contracts and decentralized finance (DeFi). His expertise spans across various aspects of the industry, including the development of secure blockchain infrastructures and innovative financial solutions. At DT NEWS, Daiki provides in-depth analysis and insights into global blockchain trends and market movements, helping readers stay ahead in the rapidly evolving world of crypto finance.
Previous Article MAGA Memecoins Plummet After Trump Musk Talk Misses Crypto MAGA Memecoins Plummet After Trump Musk Talk Misses Crypto
Next Article OpenOcean's DEX Aggregator Powers Up Bitcoin's Rootstock L2 OpenOcean’s DEX Aggregator Powers Up Bitcoin’s Rootstock L2
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe to our newslettern

Get Newest Articles Instantly!

Popular News
crypto 2024
Crypto Derivatives Market Heats Up as Innovative Products Emerge
crypto approval
Blockchain Revolutionizes Energy Markets with Decentralized Trading Platforms
crypto news
Cutting-Edge Mining Technologies Drive Efficiency in Cryptocurrency Production
crypto 2024 1200x720
Decentralized Identity Emerges as a Catalyst for Data Privacy Renaissance
space
Tech Giant Announces Breakthrough in Quantum Computing
worldwide protest
Worldwide Protests Demand Action on Climate Change
global
Global Economic Forecast Reveals Slow Recovery Post-Pandemic
solar power
Revolutionary Solar Power Technology Unveiled

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Youtube Telegram Linkedin
Deythere

DT News influence 20 million users and is the number one business blockchain and crypto news network on the planet.

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Menu

  • Home
  • News
© DT News. All Rights Reserved.
Banner 1
Banner 2
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

  • English