Amid its ongoing de-dollarization effort, the BRICS bloc has announced it is leaving the US dollar behind, and shifting its focus to the development of its own currency. Indeed, Russia’s Ambassador to China, Igor Morgulov, spoke at a recent peace forum in Beijing where he assured the alliance’s commitment to a multipolar world.
During that discussion, Morgulov said the group is “leaving this space—the dollar-dominated space.” Moreover, he assured that the collective is committed to “developing new mechanisms and instruments, [and a ] truly independent financial system.”
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BRICS Bloc to Ditch US Dollar Completely as They Develop Independent System
The BRICS bloc is set to continue its path toward completely ditching the US dollar in favor of its own currency development, according to a new announcement. Russia’s Morgulov discussed the stance the bloc is taking. Specifically, its position to defend against growing contention with Western powers.
“[The West] is doing everything in its power to preserve its domination including imposing on the rest of the world [its] self-invented rule-based order,” the envoy told attendees at a World Peace event at Tsinghua University.” He added that the West only wants to make decisions “on our behalf while making sure that we implement that in a way that suits the West.”
Morgulov spoke for the BRICS bloc, saying enough is enough. “The international community grow weary of the constant blackmailing and pressure from the West to please their new colonial ambition,” he remarked. The bloc will counter this by increasing their prevalence.
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“Our aspirations are not aimed at creating yet another mechanism of dominance,” he said. Moreover, he noted its focus on “defending common interest,” and a future world order. The US dollar has become a big part of that. The group has continually found ways to lessen its status.
The Russian official said that a BRICS currency would take “some time.” Yet he also assured the group’s commitment to it. Ultimately, he said the collective is officially exiting the “dollar-dominated space.” The bloc is focused solely on their own financial systems.
India’s Prime Minister completed a landmark visit to Moscow for the first time in five years. The two sides found common ground on an expansive agreement. Its presence should alter economic dealings between the two countries. Moreover, it sets the stage for similar action by BRICS allies.