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The US dollar is the most important currency in the markets that controls and dominates the world’s financial sector. Almost all cross-border transactions, trade settlements, and foreign exchange conversions are conducted using the USD. Local currencies are far behind with little to no chance of becoming the global reserve currency. This gives the White House the power to weaponize the currency and control the world’s trade and finances. BRICS has decided to put an end to the US dollar domination by giving local currencies a chance to compete against the greenback. Also Read: BRICS: US Dollar Is Now an Unreliable Currency, Say Analysts Here’s What Will Happen If BRICS Ends US Dollar Reliance Source: realmoney.thestreet.com The BRICS alliance is scheming to replace the US dollar with either a new currency or their local currencies. The bloc is divided in the prospects but is united to achieve the goal by hook or crook. They also confirmed that despite slow progress, the...

The BRICS alliance is advancing the de-dollarization agenda by using local currencies and rejecting the US dollar for trade. Russian President Vladimir Putin announced that 85% of trade within the Commonwealth of Independent States (CIS) is successfully settled in local currencies. The development gives higher financial independence for developing countries to reduce dependency on other Western foreign currencies. Also Read: Goldman Sachs Predicts the Future of BRICS Currency The CIS consists of 12 countries – Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan. The only BRICS member in the CIS bloc is Russia and the country is pushing de-dollarization to its neighboring nations. The BRICS member is making more developing countries pay local currencies for trade and is sidelining the US dollar. Also Read: 3 US Sectors To Be Affected If BRICS Ditches the Dollar For Trade BRICS: 12 Countries Pay 85% Trade ...