Welcome DT News

  • CONTACT
  • ABOUT US
Deythere
  • Home
  • News
    bitcoin major ichimoku
    CryptoMarketNews

    Bitcoin and Major Altcoins Break Above Ichimoku Cloud: What’s Next?

    Recent technical developments across the cryptocurrency market are flashing bullish signals, as…

    By
    Emily Morgan
    May 10, 2025
    coindesk 20 index
    CryptoMarketNews
    CoinDesk 20 Index Jumps 6%: UNI and NEAR Lead Market-Wide Rally
    May 10, 2025
    Is Ripple’s $50M Deal a Template for Future Crypto Settlements?
    NewsCryptoMarket
    Is Ripple’s $50M Deal a Template for Future Crypto Settlements?
    May 9, 2025
    Ethereum Breaks Out with 25% Rally — Here’s Why $2,500 Could Hit Sooner Than You Think
    NewsCryptoEthereumMarket
    Ethereum Breaks Out with 25% Rally Why $2,500 Could Hit Sooner
    May 9, 2025
    Bitcoin price hits 104K
    NewsCryptoMarket
    Bitcoin Smashes Through 104K Wipes Out 400M in Shorts and Signals New Bull Run
    May 9, 2025
  • Cryptocurrency
    bitcoin major ichimoku
    Bitcoin and Major Altcoins Break Above Ichimoku Cloud: What’s Next?
    4 Min Read
    coindesk 20 index
    CoinDesk 20 Index Jumps 6%: UNI and NEAR Lead Market-Wide Rally
    3 Min Read
    Is Ripple’s $50M Deal a Template for Future Crypto Settlements?
    Is Ripple’s $50M Deal a Template for Future Crypto Settlements?
    7 Min Read
    Ethereum Breaks Out with 25% Rally — Here’s Why $2,500 Could Hit Sooner Than You Think
    Ethereum Breaks Out with 25% Rally Why $2,500 Could Hit Sooner
    7 Min Read
    Bitcoin price hits 104K
    Bitcoin Smashes Through 104K Wipes Out 400M in Shorts and Signals New Bull Run
    6 Min Read
    Robinhood Launches Tokenized Stock Trading Platform for EU Users
    Robinhood Launches Tokenized Stock Trading Platform for EU Users
    7 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 EconomyThe Expansion of BRICS and Its Impact on DedollarisationBRICS 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

Manhunt Underway in Malaysian Crypto Kidnap

FTX Files $1.8 Billion Lawsuit Targeting Binance and Former CEO Changpeng Zhao

Cardano (ADA) Breaks Resistance Levels: Is a Powerful Rally Imminent?

DOGE Under Fire: Elon Musk’s AI-Led Job Cuts Spark Constitutional Crisis

Wished You’d Invested in Ethereum? This Emerging ICO Could Transform Your Future

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 *

Follow US

Find US on Socials
FacebookLike
XFollow
YoutubeSubscribe
TelegramFollow
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad image
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

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
  • Sitemap
© 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