The countries of Russia, China and Brazil began to discuss the issue of de-dollarization more actively. In the past, such plans have never been successful, but the BRICS countries are known to have great economic power that can challenge the US currency. This was reported by Inotv, citing Foreign Policy columnist and former White House adviser Joseph Sullivan.
The dollar is considered “one-eyed in the land of the blind” by competitors including the euro, yen and yuan. But if the BRICS countries issue their own currency, it will definitely be different. After all, this is a union of countries that, in terms of GDP, collectively bypass not only the hegemonic country of the United States, but also the entire G7 taken together.
The observer notes that the likely success of the BRICS currency will be something new. This currency is really capable of “pressing out” the US dollar in the countries that are members of the organization.
“Unlike competitors proposed in the past, such as the digital yuan, this hypothetical currency actually has the potential to usurp or at least shake the dollar’s place on the throne,” Sullivan argues.
The author of the article calls the hypothetical currency of the bloc “brik”. The former White House adviser notes that if the countries of Brazil, Russia, India, China and South Africa begin to use only “brik” in their trade, they will remove the obstacle that now prevents them from avoiding dollar hegemony.
Sullivan clarifies that if the BRICS countries fully switch to “brik” in their international trade, since they have the ability to cover the overall cost of imports on their own. Given the positive trade balance of the organization, which last year amounted to $387 billion.
The author of the article notes that the BRICS countries will not have to limit themselves to trade with each other. He claims that each country in its region is an economic heavyweight. Most likely, countries around the world will want to do business in the new bloc currency.
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