In 2021, China derived 43% of its GDP from investment, which is twice as much as the US and other Western countries. If China shifts some of its GDP to consumption, it could reduce its trade surplus by encouraging consumers to buy more imported goods. This could potentially position China
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.”
According to Anil Sooklal, South Africa’s ambassador to the group, 19 nations, including five Arab states and Iran, are ready to join BRICS. Saudi Arabia, the UAE, Algeria, Egypt, Bahrain, and Iran have formally asked to join the BRICS group of nations as it prepares to hold its annual summit
The country’s central bank governor said that Indonesia is following the lead of BRICS countries in de-dollarization as it ditches the dollar in favor of its local currency.
Due to the economic separation between Russia and the West resulting from the invasion of Ukraine, Russia is developing special institutions to mine and transfer crypto across borders.
As a way of breaking US dollar hegemony, BRICS countries have started pushing for greater Bitcoin adoption.
The Eurasia Economic Union (EAEU) is speeding up its design of a common payment system, which has been closely discussed for nearly a year with the Chinese under the stewardship of Sergey Glazyev, the EAEU’s minister in charge of Integration and Macro-economy.
The US, in yet another trademark hysteria fit rife with irony, accused Tehran of weaponizing the Russian Armed Forces. For both Tehran and Moscow, the superstar, value-for-money, and terribly efficient drone let loose in the Ukrainian battlefield is a state secret: its deployment prompted a flurry of denials from both
What may surprise some people, however, is that Russia and the BRICS countries, including Brazil, Russia, India, China, and South Africa, are officially working on their own “new global reserve currency,” RT reported in late June. Nobody even seemed to notice.
