The BRICS alliance is looking to create a new currency to challenge the US dollar in global trade. BRICS aims to uproot the US dollar’s supremacy by replacing it with their soon-to-be-released currency. The next BRICS summit will be held in October 2024 in the Kazan region of Russia. While five member countries attend the summit every year, 10 nations will be a part of the bloc next year. The alliance inducted five other countries Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia.
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BRICS Currency To Take Centerstage in The 2024 Summit?
The 16th BRICS summit in 2024 could revolve around the creation of a new currency to take on the US dollar. The bloc is advancing in the formation of a new currency that will alter the financial markets as we know it. The paradigm shift will make the US and the West fight to maintain their global supremacy as BRICS convinces other developing countries to use their currency and not the dollar.
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Read here to know how many sectors in the US will be affected if BRICS stops using the dollar. Russian economist Sergey Glazyev confirmed that BRICS is already working on the formation of a new currency. He hinted that it will be a major point of discussion in the next BRICS summit in 2024 in Russia.
If the 10 member countries agree to launch a new BRICS currency, the US dollar will face a serious competitor. The group is fine-tuning their yet-to-be-released currency and building a proper payment infrastructure before launch in the international markets. However, a tentative release date for the BRICS currency remains to be unknown.
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The US dollar will soon have to face competition with a group that is aiming to bring it down. The next few years will decide the fate and the prospects of the US dollar.