The BRICS coalition called for the abandonment of the use of the US dollar in international trade

05.09.2023

During the summit in Johannesburg, the BRICS coalition called for the abandonment of the use of the US dollar in international trade. The decision was partially motivated by concerns about debt tied to the dollar.

In the future, BRICS will actively advocate for the use of their national currencies in cross-border payments, thereby strengthening their local economies. As a result, diplomatic relations with other countries will undergo adjustments, and the dominance of the US dollar will eventually face significant competition.

Furthermore, the coalition will be expanded by including six new countries, which will enhance the alliance’s authority. Saudi Arabia, the United Arab Emirates, Argentina, Egypt, Ethiopia, and Iran will become members of the bloc starting from January 1, 2024. Most of these new participants are oil-producing economies, and their presence may have a transformative impact on the dynamics of global trade in the coming years.

Against the backdrop of these changes, the only investments capable of withstanding a global crisis are decentralized cryptocurrencies that are not dependent on any state. Only with their help can one preserve and multiply capital!

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