Report: BRICS Countries Told to Consider Countering the Dollar’s Global Hegemony
Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time. BRICS Countries’ Dependence on the US-Dominated Global Financial System Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report....
Related News
While inflation data in Europe and the U.S. has risen significantly higher last month, Russia and members of the BRICS countries revealed leaders in the five major emerging economies are in the midst of “creating an international reserve currency.” Analysts believe the BRICS reserve currency is meant to rival the U.S. dollar and the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs) currency.
Vladimir Putin Reveals the Creation of a New International Reserve Currency at the 14th BRICS Summit — Turkey, Egypt, and Saudi Arabia Consider Joining....
Russia’s pivot towards stablecoins comes against the backdrop of its chairmanship of the BRICS group (Brazil, Russia, India, China, and South Africa). The BRICS nations have previously discussed the creation of a digital currency-based payment system, the BRICS Bridge, to reduce reliance on the US dollar-dominated global financial system. Related Reading: Bitcoin Sideways Amid Fed […]
In an appearance on CNBC’s “Squawk Box,” Matthew Sigel, Head of Digital Assets Research at investment firm VanEck, forecasted a significant shift in global trade dynamics with the potential adoption of Bitcoin by BRICS nations. Sigel’s insights come amid growing fiscal policy concerns in the United States and increasing efforts by emerging economies to circumvent […]
Following Russian president Vladimir Putin’s statements at the end of June that indicated members of the BRICS nations have formalized plans to create a new “international reserve currency,” Russia is reportedly building the foundations of a global gas cartel with Iran. Financial journalist and best-selling author Simon Watkins claims the “alliance aims to control as much of the two key elements in the global supply matrix as possible.” At the same time, Russia intends to create a precious metals exchange called the Moscow World Standard (MWS).
US....
Peter Thiel has urged the U.S. government to reappraise China’s relationship with Bitcoin from a geopolitical perspective. PayPal co-founder and venture capitalist, Peter Thiel, has warned that the Chinese central government may be supporting Bitcoin as a means to undermine the foreign and monetary policy of the United States.But, he added, it has tried to use the Euro the same way.Speaking at a virtual event hosted by conservative non-profit, the Richard Nixon Foundation, Thiel was commenting on whether China’s central bank-issued digital currency, or CBDC, could threaten the U.S.....