BRICS Fights US Supremacy with New Crypto Credit Rating Agency

Jonathan Stoker Feb 03, 2024, 15:50pm 67 views

BRICS Fights US Supremacy with New Crypto Credit Rating Agency

US Credit Rating Dominance Challenged by BRICS with New Ranking Firm

BRICS Targets the Establishment of its Own Credit Rating Agencies

BRICS, which is composed of Brazil, Russia, India, China, and South Africa, has previously been impacted by the US credit rating agencies, which have been accused of highlighting negatives and overlooking positives. With a plan to establish their own credit rating agencies, BRICS aims to challenge the existing US-dominated financial global order. This move is expected to empower the BRICS alliance to determine a firm's creditworthiness, reducing dependency on the US.

BRICS: A Potential New Credit Rating Agency in the Pipeline

Elvira Nabiullina, Russia's Central Bank Governor, confirmed that the Kremlin intends to put forth key initiatives that will favor BRICS in the long term. Among these initiatives is the establishment of new BRICS credit rating agencies. Nabiullina emphasized that these rating agencies would operate on a supranational level, covering all countries.

Operations of the Proposed BRICS Rating Agencies

Nabiullina clarified that the proposed BRICS rating agencies would function on a mutual recognition basis, working in a faster and more practical manner. She also suggested that the current US credit rating agencies exhibit a degree of bias against developing nations during their auditing process.

Discussion on the Formation of BRICS Rating Agency

The idea of forming the BRICS rating agency is set to be discussed at the 16th summit, scheduled for October 2024. Being the host for the next BRICS summit, Russia has a lineup of ideas to present, including the creation of a new internet service that would not rely on US data and servers.

Edited by Jonathan Stoker

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