Iran to Ditch US Dollar: Advocates for BRICS Digital Currency by 2024

Jonathan Stoker Jan 31, 2024, 18:50pm 88 views

Iran to Ditch US Dollar: Advocates for BRICS Digital Currency by 2024

Iran Proposes a BRICS Digital Currency for 2024

One of the expanded nations of the BRICS economic alliance has taken the initiative to propose a new direction for the alliance. After several reports confirming its leading role, Iran has expressed interest in creating a BRICS currency by 2024. This new currency is intended to facilitate the alliance's efforts to move away from reliance on the US dollar.

BRICS Economic Alliance's De-Dollarization Efforts

In 2023, the BRICS economic alliance made global de-dollarization a top priority. In addition to this, the alliance has been actively developing its native trade currency. These two elements are expected to come together in the creation of a new digital asset that could be introduced this year.

Iran's Involvement in the Development of the BRICS Digital Currency

Over the past several months, the BRICS economic alliance has been clear about its goals. The alliance has firmly established its position in opposing the dominance of the US dollar, and has been making moves towards creating a multipolar world. This perspective is expected to result in a new currency avenue for the countries within the alliance.

Following the expansion of the alliance, Iran has established its stance to expedite the de-dollarization efforts of the alliance. In particular, Iran has expressed its wish to introduce a BRICS digital currency in 2024 to help member countries transition away from the US dollar in the forthcoming year.

Future Developments in the BRICS Initiative

According to recent reports, Iran's BRICS Representative stated, "In the plans of 2024, I hope that these economic and financial pillars, especially banking and financial issues, payment systems, digital currency, common currency, exchanges with national currency, etc., will speed up and become operational". However, the alliance as a whole has decreased anticipation for such a development. Nevertheless, the increased use of local currency has emerged as a significant aspect of the BRICS initiatives moving into the new year. Whether or not progress on a digital native currency is realized is a question that only time can answer.

Edited by Jonathan Stoker

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