Could BRICS Crypto Outvalue the US Dollar?

Jonathan Stoker Feb 04, 2024, 16:50pm 310 views

Could BRICS Crypto Outvalue the US Dollar?

2024 BRICS Currency Development: Transforming the Global Financial Landscape

The year 2024 could mark significant progress for the BRICS bloc, with the potential introduction of its own currency. The coalition, comprising Brazil, Russia, India, China, South Africa, and new BRICS+ members, aims to establish a fresh monetary alternative to the US Dollar. This initiative has fueled speculations, with some expecting a grand reveal about the BRICS currency status at the group's annual summit later this year. One question remains unanswered: will this new currency surpass the US Dollar in value upon its launch?

The Growing Influence of the BRICS Bloc

The BRICS alliance has been operative for several years, witnessing a notable growth surge over the past year. Its expansion in terms of membership and attention from media is noteworthy. Boasting some of the mightiest economies globally, the intergovernmental organization expanded its membership in 2023 by inviting other leading economic nations. The group intends to launch a new currency for trading purposes, which would operate concurrently with local currencies. A successful implementation of this plan could potentially challenge the dominance of the US dollar on a global scale. The task, however, is far from straightforward.

Challenges Along the Road

The US Dollar has dominated markets and international trade for decades, owing to the United States' position as a global powerhouse. Although the greenback experienced turbulence in 2023 due to rising inflation, interest rates, and other issues, it still ranks highly. Some financial analysts admit that the currency weakened in 2023, and may not be among the world's top ten strongest currencies. Nevertheless, for a nascent currency like BRICS's to outshine the dollar at its launch is a formidable undertaking.

When Will the BRICS Currency Launch and Can It Surpass the US Dollar?

Despite the support of some of the strongest market economies and eastern governments, the BRICS currency remains a concept and does not appear ready for launch. Speculations abound that the coalition might reveal the new currency at its upcoming summit. Nonetheless, even if the launch take place this year, it will require time for the BRICS currency to surpass the dominance of the US Dollar.

The Journey Towards USD Independence

One of the primary objectives of BRICS in 2024 is to completely detach from the US Dollar. Steps towards the new currency will probably align with this goal. However, it will require time for the BRICS currency to surpass and be worth more than the US dollar.

Edited by Jonathan Stoker

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