BRICS' Crypto Venture: Aiming to End US Dollar Dominance

• BRICS Prepares to Shift Global Financial Power Balance
• BRICS: Russian Oil Exports Surge, Making Significant Economic Impact
• Putin Anticipates 'Fair World Order' to Dethrone US Dollar's Dominance
• BRICS' Stance on the US-China Rivalry and Potential Second Cold War
• BRICS Summit 2024: A Showcase of New Power Dynamics
• BRICS to Develop New Currency, Challenging US Dollar

BRICS Prepares to Shift Global Financial Power Balance

BRICS, a group of developing economies, is gearing up to disrupt the traditional financial world order currently dominated by the US and its Western allies. The coalition is keen to establish their own financial institutions, consequently reducing reliance on the US dollar. This aggressive strategy by BRICS is a direct challenge to the existing global financial protocol, with an explicit aim to curb American dominance in the sector.

BRICS: Russian Oil Exports Surge, Making Significant Economic Impact

Following President Vladimir Putin's criticism of the US and Western allies for promoting a rules-based world order, Russia has seen a significant boost in oil exports to India, obtaining considerable financial gains. Putin maintains that Western supremacy is fleeting, and the 16th BRICS summit to be held in Russia's Kazan region in 2024 will mark a turning point for the alliance.

Putin Anticipates 'Fair World Order' to Dethrone US Dollar's Dominance

Putin asserts that BRICS is working with determination toward constructing a fair world order. He insists that the group is on the right trajectory to dismantle American hegemony, characterizing the initiative as an essential move toward a collective, fair financial world. The Russian leader underlines BRICS' dedication to forming a new, equitable global order.

BRICS' Stance on the US-China Rivalry and Potential Second Cold War

The International Monetary Fund has issued warnings about the risks posed by the escalating rivalry between the US and China, and the potential of a second cold war. Putin dismissed the concept of a rules-based world order as non-existent and mutable, stating that such rules are subject to change based on political climate and interests of the proponents.

BRICS Summit 2024: A Showcase of New Power Dynamics

The 16th BRICS summit in 2024 will serve to underscore the potency of the alliance. Putin specified that the alliance will show that many powerful nations in the world prefer to abide by the rules set out in fundamental documents, such as those of the United Nations, rather than adhere to unwritten, variable rules.

BRICS to Develop New Currency, Challenging US Dollar

Next year's 16th BRICS summit, scheduled for October 2024 in Russia, will also focus on creating a new currency within the BRICS coalition. This proposed currency is intended to compete with the US dollar in global trade. The potential implications of BRICS discontinuing use of the US dollar could have wide-ranging effects on numerous sectors in the US.

Edited by Jonathan Stoker