The BRICS alliance kick-started the de-dollarization agenda in 2022 after the US pressed sanctions on Russia for invading Ukraine. Russia and China started the de-dollarization agenda by showing developing nations that their economies are under threat from the US. They convinced other countries that the US could sanction their economies at any time. This led to fears that their economies were not safe and the need to safeguard their currencies from the US dollar.
The US Treasury Secretary Janet Yellen also confirmed that sanctions led BRICS to kick-start the de-dollarization agenda.
The BRICS members are re-working bilateral trade deals and settling cross-border transactions in local currencies. They are showing other countries how de-dollarization needs to be done.
Russia and China are on a world tour on de-dollarization convincing other developing countries to start settling trade in local currencies. They are educating developing nations on the need to strengthen their native economies and boost their currencies on the global stage.
BRICS member countries are also integrating new payment mechanisms for the smooth functioning of local currency transactions. The new payment systems will not include the US dollar for transactions, thus forging ahead in the de-dollarization agenda.
This article originally appeared on Watcher Guru.
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