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20 May 2024
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BRICS to Launch Decentralized Financial System to End US Dollar

The BRICS economic alliance is set to implement a geopolitical game-changer, as it is expected to launch a decentralized financial system to end the US dollar. Indeed, the bloc is currently discussing the implementation of such a system with the BRICS+ Business Council, which could become official policy within the next year.

Named The Unit, the system is set to combat the growing challenges of geoeconomic finance concerns. Moreover, the system is set to implement cross-border payment solutions as well as a newly implemented international currency under the BRICS infrastructure.

brics new development bank ndb
Source: NDB

Also Read: BRICS: Billionaire Makes Major US Bank Failure Prediction

BRICS Decentralized Finance System to Challenge the US Dollar

Throughout the last year, the BRICS economic alliance has led a global shift toward de-dollarization. In response to the West’s weaponization of currency, many countries in the global market are seeking diversification. Subsequently, the bloc is set to implement a system that could greatly enhance that trajectory.

The BRICS economic alliance is set to launch a decentralized financial system to end the US Dollar. According to Sputnik Global, The Unit is set to address some of the largest challenges facing geoeconomic developments. Moreover, it will seek to completely shift how international trade and transactions take place.

The system is seeking to propose a transactional unit that will implement a brand-new international currency. This would be issued decentralized and recognized in regulatory standards at the national level.

brics asean countries flags
Source: orfonline.org

Also Read: BRICS: Russia Makes Massive Oil Discovery

Teh system is also developed to integrate with both traditional banking infrastructures as well as renovated digital banking forms. Furthermore, the report notes that its direct focus is to “remove direct dependency on the currency of other nations. Subsequently, the currency would be anchored 40% by gold, and another 60% by the currencies of the BRICS nations.

Moreover, the development would work to enhance many of the alliance’s greatest efforts. Its de-dollarization initiatives would be embraced through the system. Meanwhile, it would work to implement local currencies within its development.

The Unit is seeking to become a BRICS policy by 2025, which would fast-track many of the collective currency plans. With the 2024 summit set to provide some important announcements, the development of such a system could be delivered through an official reveal.

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