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BRICS Currency Threatens US Dollar’s Global Dominance

EDITOR'S NOTES

As BRICS moves closer to launching its own currency, the U.S. dollar’s reign over global oil markets and banking could face its biggest challenge yet. With de-dollarization efforts gaining momentum, the economic bloc’s push for a multipolar financial system is becoming a reality. Nasdaq has issued a stark warning, highlighting the potential impact a BRICS currency could have on key sectors, including commodities, international trade, and foreign exchange markets. If successful, the new currency could weaken the dollar’s long-standing influence, reshaping the global financial landscape.

BRICS Currency Threatens US Dollar Dominance in Oil & Global Banking

Amid rumors of a developing BRICS currency, one expert has warned that such a development could greatly threaten the US Dollar’s dominance in both the oil and global banking sectors. Specifically, Nasdaq has released a comprehensive warning regarding the impact that the BRICS alternative could have on the greenback.

The economic alliance has stood firm in its de-dollarization efforts. Throughout the last several years, the bloc has embraced ways to increase native currency usage in order to lessen international reliance on the West. That quest for a multipolar world could fast track with the impending 2024 BRICS Summit

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Source: iStock

Also Read: BRICS: Nasdaq Warns Alliance Could De-Stabilize US Dollar into Crisis

BRICS Currency Threatening US Dollar in 7 Key Sectors, Nasdaq Warns

The growth of the BRICS bloc has been a massive geopolitical factor of the last several years. In 2023, the bloc enacted its first expansion effort since 2001. Specifically, it welcomed the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia into the alliance. That saw the bloc reach a total of nine nations as it sought to magnify its role in global economics.

That could take a massive step forward this year. Indeed, the bloc is reportedly looking to debut its new blockchain-based payment system in 2024. Moreover, there have been reports a trade currency could be nearing arrival. Such a debut would have massive repercussions on global finance, one expert warns.

The creation of BRICS currency could threaten the US dollar’s dominance in oil and global banking, Nasdaq warns. Indeed, the stock exchange identified seven areas that could see massive change if the global south developed a currency. Specifically, in how these sectors rely on the greenback.

Wall Street US Stock MarketSource: Unsplash

Also Read: BRICS Unveils New Payment System: Key Details Revealed

According to a recent report from the exchange, a BRICS currency could also affect commodities, international trade, technology, tourism, and the foreign exchange market. “A potential shift toward a new BRICS currency could have significant implications for the North American economy, and investors’ operations within it,” the exchange said.

“A new BRICS currency would also introduce new trading pairs,” they also noted. Moreover, they claimed the currency would “affect market volatility,” requiring investors to rethink strategies. Altogether, it would throw a massive wrench into the global finance market.

These changes would be huge for the dollar. With the adoption of enough countries, there could be a monumental shift. The bloc has already confirmed that more than 159 participants are looking to adopt the BRICS payment systems. A similar number could have interest in a trade currency.

This article originally appeared on Watcher Guru 

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