Putin Predicts End of Western Banking Dominacy: A Turn to Crypto?

• Russia Forecasts End of US Dominance in Global Banking
• China's Central Bank Abandons US Dollar
• A New Trade Currency: Chinese Yuan
• The Rise of BRICS
• The Impact on the US

Russia Forecasts End of US Dominance in Global Banking

In a recent prediction from BRICS member Russia, it was implied that the US's reign over global banks and premier financial institutions may soon be coming to an end. The country's President, Vladimir Putin, indicated that technologies primarily controlled by the West are gradually becoming obsolete. He envisages BRICS pioneering a new epoch in which the conventional financial system is superseded by a revamped world order.

China's Central Bank Abandons US Dollar

At a VTB Investment Forum in Moscow, Putin underlined the role of blockchain technology, among others, in international payments. The inference was that the US dollar is losing its status as the main currency and payment method in cross-border transactions. A slew of newly-emerged technologies are being assimilated by BRICS, potentially jeopardizing the future of the US dollar. Putin emphasized that, based on expert analysis, this shift will instigate a profound revolution that could ultimately destabilize the supremacy of substantial Western banks. He also noted that several of the US's major financial institutions are currently facing challenges.

A New Trade Currency: Chinese Yuan

In addition to this, Putin highlighted BRICS' focus on creating a novel payment infrastructure to rival the US dollar. He revealed that this payment mechanism will incorporate cutting-edge technology to facilitate the smooth transfer of funds. The still-under-development payment system could be a topic of conversation at the forthcoming BRICS summit in Russia, scheduled for 2024.

The Rise of BRICS

BRICS is adopting comprehensive measures to dismantle the dominance of Western banks and their financial institutions, along with the US dollar. The coalition aspires to have local currencies govern global trade and disrupt the US dollar's established reserve status.

The Impact on the US

BRICS' decision to cease using the dollar could potentially affect numerous sectors within the United States. The alliance continues to move towards the goal of eradicating the influence the US holds over the global financial sector. The success of this endeavor, and whether they can ascend to become the global leader, will be determined in the years to come.

Edited by Jonathan Stoker