In an opinion piece published by Foreign Policy, former White House economist Joseph Sullivan said, “If BRICS uses its own currency for trade, it will end the dollar’s hegemony.”
The US seems to be worried about dollar losing its dominance as the global reserve currency.
Amid the clamouring call for de-dollarization, former White House economist Joseph Sullivan has warned that if BRICS nations use the group’s own currency for international trade, it will put the dollar’s hegemony at risk.
Discussing de-dollarization and the potential impacts of a BRICS currency on the dollar, Sullivan in an opinion piece published by Foreign Policy said: “If the BRICS used only the bric for international trade, they would remove an impediment that now thwarts their efforts to escape dollar hegemony.”
BRICS currency could dislodge dollar
Sullivan, the White House Council of Economic Advisers during the Trump administration, said: “… a BRICS-issued currency’s prospects for success are new…. such a currency really could dislodge the US dollar as the reserve currency of BRICS members.”
“Unlike competitors proposed in the past, like a digital yuan, this hypothetical currency (that BRICS nations are planning to introduce) actually has the potential to usurp, or at least shake, the dollar’s place on the throne,” he added.
Bangladesh has dumped the US currency and becomes the 19th country to trade with India in rupees.