BRICS 2024: Russia Prioritizes Replacing US Dollar in Crypto Shift

Jonathan Stoker Jan 30, 2024, 17:50pm 78 views

BRICS 2024: Russia Prioritizes Replacing US Dollar in Crypto Shift

Russia Announces Departure from US Dollar as a Major Goal in 2024

Reflecting on the past year's theme of the BRICS alliance, Russia has announced that abandoning the US Dollar is its primary objective in 2024. With the country ready to take on the group's chairmanship, an in-depth discussion on the contemporary financial state of the international economic order has been marked as a crucial collaborative effort.

This announcement came to light at a recent meeting of the BRICS Sherpas and Sous Sherpas. All the BRICS nations, along with the alliance's five newest members, were represented at the gathering. This event marked the inaugural coming together of Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia with the original members of the alliance.

Russia Advocates for De-Dollarization for 2024 BRICS Chairmanship

Over the past year, the BRICS economic alliance has seen remarkable growth, marking its first expansion since 2001. Moreover, the alliance fully pledged itself to its de-dollarization plan, setting in motion a variety of initiatives aimed at reducing the global influence of the US dollar.

As we welcome the new year, the collective remains committed to these endeavors. This commitment was evident in a recent BRICS meeting, where Russia asserted that the alliance's top priority for 2024 is to move away from the US Dollar, emphasizing economic strategies that would foster greater international promotion of local currencies.

Decisions Made in the Pursuit of Local Currency Promotion

In line with the decision of the BRICS leaders in Johannesburg, we will explore ways to make greater use of national and local currency and payment instruments in our cross-border transactions, stated Sergey Ryabkov during the meeting. He further mentioned that this would help reduce the negative side effects of the currency global economic system.

Origins of the BRICS De-Dollarization Initiative

Russia took the lead in the BRICS de-dollarization plans in response to Western sanctions triggered by the invasion of Ukraine. This use of the US dollar as a tool of political pressure incited renewed apprehension among alliance members.

As a result, the objective of reducing dependence on the dollar and promoting the use of local currencies emerged. While this initiative was born out of necessity, it has undeniably altered the global perception, challenging the previously unquestioned dominance of the US dollar in international economics.

Edited by Jonathan Stoker

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