23 October 2024

Goodbye, dollar dominance: BRICS plans 'multi-currency system' to transf...

Oct 22, 2024

BRICS nations are making bold moves to challenge the dollar's dominance in global finance. The recent introduction of the BRICS Pay Card and upcoming summit in Kazan signal a push towards a multi-currency system.

This initiative aims to reduce dependence on the US dollar and create a more equitable global financial order.

The proposed system would allow BRICS countries to trade in their local currencies, potentially saving billions in conversion fees and reducing vulnerability to US sanctions. Central Bank Digital Currencies (CBDCs) are expected to play a crucial role in this new financial architecture. However, challenges remain. Technical hurdles, regulatory complexities, and geopolitical tensions could impede progress. Despite these obstacles, the BRICS proposals represent a significant shift in global economic power dynamics, with far-reaching implications for international trade, developing economies, and the future of finance.

India TV News

an hour ago

BRICS Summit 2024 LIVE UPDATES: EU urges member countries to tell Putin to end Ukraine war – India TV

The Economic Times

5 hours ago

BRICS Summit 2024 Live | Leaders arrive at Kazan Expo Center for meeting - The Economic Times Video | ET Now

Daily Mail

16 hours ago

Vladimir Putin calls Xi his 'dear friend' at BRICS summit

Watch

Uploaded: Oct 22, 2024

Russian President Vladimir Putin greeted Chinese President Xi Jinping on October 22 at the opening of the BRICS summit. Putin called Xi his "dear friend" and said that Moscow and Beijing would work ...