BRICS Joint Currency: A Potential Crypto Challenger to the US Dollar?

• Iran Proposes Joint BRICS Currency to Minimize US Dollar Dominance
• Implications of a Joint BRICS Currency for Global Trade
• Mahdi Safari Advocates for Joint BRICS Currency
• Momentum Builds for a Unified BRICS Currency
• Transition Away from US Dollar
• The Future of BRICS Currency

Iran Proposes Joint BRICS Currency to Minimize US Dollar Dominance

Iran, a recent addition to the BRICS alliance, is advocating for the establishment of a unified currency among member nations to facilitate cross-border transactions. This move aims to reduce global dependency on the US dollar. The proposed joint BRICS currency would be used for international trade within the alliance's 10-member cohort.

Implications of a Joint BRICS Currency for Global Trade

If the BRICS alliance decides to abandon the US dollar for trade, numerous sectors in the United States could potentially be affected. The possibility of a joint BRICS currency is now being seriously considered.

Mahdi Safari Advocates for Joint BRICS Currency

Iran's Deputy Foreign Minister, Mahdi Safari, has revealed that his country strongly supports the idea of a new joint BRICS currency. He expressed that Tehran would take the lead in initiating the process, provided all members agree to the proposal.

Momentum Builds for a Unified BRICS Currency

China and Russia, other BRICS members, have previously made strides toward challenging the dominance of the US dollar with a new currency. Iran, in keeping with this trend, is now echoing similar ideas for a world leaning towards de-dollarization. Safari stated, We are interested in creating a unified currency in the BRICS group, and this could be very effective.

Transition Away from US Dollar

Safari further elaborated, By using national currencies, the process of eliminating the use of the dollar in commercial exchanges begins, conveying Iran's commitment to the idea. He further expressed Iran's intent to persist with the process until a consensus is reached among the majority of members.

US-imposed sanctions have significantly affected the economies of both Iran and Russia in recent years, due to allegations of sponsoring war and terrorism. Consequently, the two nations are seeking to liberate themselves from US sanctions by reducing the dollar's supremacy.

The Future of BRICS Currency

It remains to be seen how other BRICS nations will respond to Iran's proposal. If agreed upon, the establishment of a joint BRICS currency to be used among the 10-member group is a very real possibility.

Edited by Jonathan Stoker