Amid the BRICS alliance’s expansion efforts, the greater trend of countries perceiving joining the alliance as the east path to de-dollarize has grown. Indeed, the bloc welcomed six nations to its ranks at its 2023 annual summit. Moreover, its 2024 summit already has more than 39 countries seeking membership.
Malaysia has been one of many nations that has leaned on the BRICS bloc to lessen US dollar reliance. Subsequently, Universiti Putra Maulaysa’s Ida Yasin has said that joining the bloc and adopting its developing currency is the fastest way to a de-dollarized economy.
Also Read: China Completes First International Oil Deal in Digital Yuan
Countries View BRICS Currency as De-Dollarization Answer
For much of the year, the BRICS bloc has seen noted growth. The economic alliance has found a host of countries that strongly align with its overall message of multipolarity. Moreover, they have embraced the overall anti-Western sentiment that the bloc has unabashedly embraced.
Now, amid those BRICS developments, a number of countries have made known their view that the alliance is the quickest way to de-dollarize their economies. Specifically, the combination of countries seeking membership and abandoning the US dollar shows an alignment in thinking.
Also Read: Venezuela Looks to Abandon US Dollar, Then Ease US Sanctions
Yasin discussed the potential presence of a BRICS currency. Specifically, he said that such a unit of value would weaken the overall reserve status of the US dollar. Therefore, conjoining the de-dollarized approach to benefit for developing nations
Malaysia is not the only country seeking anti-US dollar methods. Iraq has banned the use of US dollars in cash in the country. Additionally, Zimbabwe has instituted a de-dollarization approach, seeking to eliminate the greenback by 2025. Conversely, the 2024 BRICS summit should provide an interesting venue to see both how far these efforts have gone and where they could go.