BRICS Alliance Plans to Oust US Dollar Financial System by 2024

• BRICS Alliance Furthers Mission to Dethrone U.S. Dollar in Global Markets
• BRICS Breakaway from the Greenback: Russia and China in the Lead
• New Nations Express Interest in Joining BRICS
• Can BRICS Dismantle the U.S. Dollar Financial System by 2024?
• BRICS Elevates Developing Nations, Challenges U.S. Dollar

BRICS Alliance Furthers Mission to Dethrone U.S. Dollar in Global Markets

Continuing their strategic march toward de-dollarization, the BRICS nations maintain their objective to end the U.S. dollar's dominance in the global financial sector. After expanding to ten nations in August 2023, the BRICS coalition persists in conducting trade in local currencies and advancing the concept of a BRICS currency. This currency is aimed to confront the omnipresent U.S. dollar on the global stage. The coalition is now taking additional measures through numerous agreements to cease the use of the U.S. dollar entirely.

BRICS Breakaway from the Greenback: Russia and China in the Lead

The BRICS founding nations, Russia and China, are at the forefront of the de-dollarization initiative, having agreed to several deals in local currencies. Russian Prime Minister Mikhail Mishustin reported a significant surge in business links between the two nations, with bilateral trade turnover exceeding the anticipated $200 billion mark ahead of schedule. Coinciding with these efforts, the U.S. dollar has persisted in its 20-year slump, its status as a global reserve currency under threat due to shifting international sentiment.

New Nations Express Interest in Joining BRICS

It is noteworthy that at least 16 new countries have expressed their interest in joining the BRICS coalition to detach from the U.S. dollar. As a result, this could further destabilize the USD's financial dominance. In addition, the anticipated development of a BRICS currency in 2024 could exacerbate the weakening of the U.S. dollar. Throughout 2023, discussions regarding this prospective BRICS currency were prevalent, often intertwining with the broader de-dollarization endeavors of the alliance and interested parties.

Can BRICS Dismantle the U.S. Dollar Financial System by 2024?

With numerous nations worldwide exploring ways to reduce their dependence on the U.S. dollar, BRICS could potentially destabilize the U.S. dollar financial system as early as 2024. However, this is far from an easy task. The U.S. dollar has maintained its supremacy in global trade for many decades, and has yet to face a threat of the magnitude that BRICS presents. A substantial more effort will be required to globally displace the financial institution that is the U.S. dollar, especially considering the current widespread support for the dollar and the U.S. in general.

BRICS Elevates Developing Nations, Challenges U.S. Dollar

On the contrasting side, the BRICS alliance could potentially amplify the voices of developing nations, potentially rallying additional support for the overthrow of the U.S. Dollar financial system. If these nations opt to join BRICS in 2024 and agree to trade in BRICS or local currencies, the U.S. dollar might find itself threatened. Nonetheless, the BRICS alliance still has a considerable amount of work ahead to fully achieve this objective.

Edited by Jonathan Stoker