China's 2024 Plan: Leading BRICS Nations to Replace US Dollar with Crypto

Jonathan Stoker Jan 31, 2024, 01:50am 38 views

China's 2024 Plan: Leading BRICS Nations to Replace US Dollar with Crypto

BRICS to Abandon US Dollar in 2024 With China at the Helm

In 2024, the BRICS countries (Brazil, Russia, India, China, and South Africa) are set on shifting away from the use of the US dollar and favoring alternative currencies. This move is part of a broader effort towards de-dollarization, championed by China.

China Leads the Way

China has been particularly proactive in the initial months of 2024, thrown into the spotlight of the de-dollarization campaign. The country's strained relations with Western nations, as well as rising sanctions between the US and its friends, have driven China to pursue the abandonment of the US Dollar fully in 2024.

Recent reports from the Atlantic Council reveal that China is now conducting fifty percent of its trade in the Chinese Yuan. This development has received support from Russia, which has named de-dollarization as a key goal for the year, backing China's recent steps.

Effects on Other Countries

China's de-dollarization efforts have also begun influencing non-BRICS nations. In Africa, for example, China is encouraging some countries to conduct trade using the Chinese Yuan instead of the US dollar which in turn will lead to a reduction in debt repayment in the US currency.

BRICS Economic Alliance on the Rise

Over the past year, the BRICS economic alliance has seen significant growth. As more countries are expected to join the expanded BRICS+ in 2024, the role of its current members in promoting the de-dollarization agenda becomes increasingly vital. Accordingly, China has assumed a leading role in the push away from the US Dollar this year.

BRICS De-dollarization Initiative

Russia was the first to spearhead the BRICS de-dollarization plans in response to Western sanctions following the Ukraine invasion in 2023. This decision has paved the way for China and other BRICS nations to follow suit in 2024.

Edited by Jonathan Stoker

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