Chain News Daily Official TheBitTimes.com

Russian Foreign Minister Sergey Lavrov confirmed that BRICS is in the process of launching an alternative trading platform. The alliance is accelerating the de-dollarization process by excluding the US dollar for cross-border transactions. “The trend towards creating alternative platforms and payment and other logistics mechanisms necessary for normal trade is ongoing,” he said. BRICS launching a new trading platform to settle payments could reform the financial sector. The alliance has been warning the US not to weaponize the US dollar or face consequences. Emerging economies are exploring local currencies as the primary payment, not the US dollar. The global trade could experience a tangible shift where developing countries could call the shots. Also Read: New Zealand Must Apply For BRICS Membership, Urges Professor BRICS Alternative Trading Platform Could Dethrone the US Dollar Source: theconversation.com Lavrov revealed that the upcoming BRICS trading platform could upr...

If BRICS nations drop the US dollar and adopt local currencies for trade, the ripple effects could shake the foundation of the American economy. The US economy is closely tied to global affairs, and if emerging economies reduce dependency, American jobs would be at risk. In addition, it would also lead to inflation as the Fed can no longer import the USD abroad for consumption. From Wall Street to Silicon Valley, here are the 4 US industries that would feel the impact the most. Also Read: BRICS Member Pushes For Single African Currency Here Are the 4 Economic Industries That Will Be Hit If BRICS Drops the US Dollar Source: beincrypto.com A total of 4 US economic industries will be severely hit if BRICS decides to drop the dollar for trade. The move would have major implications for the American economy, causing the greenback to lose its sheen. The forex markets run on demand and supply, which the USD dominates, but if the demand falls, the greenback would face deficits. Below are the 4...

China has authorized its BRICS counterpart, Brazil, to free market access to bypass US tariffs. Trump imposed 50% tariffs on Brazil, where coffee exporters are the hardest hit. One third of coffee supply to the US comes from Brazil, and coffee drinkers in America might see their brew turn expensive if importers don’t absorb the tariff costs. BRICS member China is helping other countries bypass the US tariffs by allowing free access to its market. China has granted 183 coffee companies in Brazil to export their coffee to the domestic market. No import duties will be imposed, making Brazilian coffee companies gain from the new trade development, reported Brazil’s local outlet Band News. Therefore, what Brazilian coffee firms spend to send to the US can be recovered from the Chinese markets. The move is a win-win situation for BRICS members China and Brazil, as it gives them the opportunity to bypass tariffs. The agreement is valid for the next five years until 2030, when Trump...

The formation of a new common currency and the de-dollarization agenda were the main goals of BRICS. However, both agendas were omitted at the 2025 summit with world leaders barely touching upon the subjects. The 17th summit was held in Rio de Janeiro on Sunday and Monday with China’s Xi Jinping and Russia’s Vladimir Putin skipping the 2-day event. India’s Prime Minister Narendra Modi and Brazil’s President Lula da Silva led the BRICS summit without mentioning de-dollarization and the new currency. The two main policies were omitted from the event despite making it a huge talking point during the previous summits. The development indicates that the bloc is not serious about the issues and is only beating around the bush. Also Read: No BRICS Currency Planned, Says Group’s Envoy 2025 Summit: BRICS Failed To Mention the Launch of a New Currency & De-Dollarization Source: Reuters The BRICS 2025 summit saw no new major policies take shape with little to no effect on g...

Ahead of the 17th BRICS summit in July, Russia and China have proposed to launch a new ‘investment platform’ to boost the growth of member nations and rival the Western-led financial system. The Presidents of both countries, Vladimir Putin and Xi Jinping laid out the proposal on Friday that focuses on growth in the global south. The strategic alignment between China and Russia is a new push to drift from the US dollar and Western dominance. Also Read: China Dumps $8.2 Billion US Treasury Bonds in BRICS Counter-Attack New BRICS ‘Investment Platform’: What Is It All About? Explained Source: News.Bitcoin.com The new BRICS investment platform revolves around strengthening ties around technology, education, trade, and finance. The proposal will likely be discussed at the upcoming summit where other member nations will share their consensus or disagreements. Putin and Jinping stressed that the alliance must invest in the platform and the amount will be distributed for ...

The US Commerce Secretary, Howard Lutnick, said that the United States could reach a trade agreement soon with New Delhi. Lutnick touched upon various pain points between the two nations and suggested that India should scale back its involvement in BRICS and maintain cordial business relations with the US. He said that India rubbed the US the wrong way after buying military equipment from its BRICS counterpart, Russia. “There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, generally buying your military gear from Russia,” he said. To mend things, he said that the Modi government is now buying military arms from the US. “So I think India is starting to move towards buying military equipment from the United States, which then goes a long way,” he added. Also Read: BRICS: Morgan Stanley Bets the US Dollar To Decline BRICS: US Urges India To Open Up Their Markets: ‘We Want Access to Business and Finance’ S...

Nilton David, the Deputy Governor and Director of Monetary Policy of Brazil’s Central Bank, spoke about BRICS challenging the US dollar on the global financial landscape. He explained a realistic prospect of the alliance in its quest for world domination. The bloc has been consistently pushing for de-dollarization and making local currencies the centerpiece of all cross-border trade and transactions. Will this push BRICS into toppling the US dollar in the next 10 years and become a dominant force? Also Read: BRICS: Tanzania Officially Bans the US Dollar BRICS Cannot Topple the US Dollar, Says Brazil’s Central Bank Deputy Governor Source: Unsplash Brazil’s Central Bank official says that the BRICS alliance has no strong asset that can challenge the US dollar. He revealed that there are no stronger BRICS-denominated assets or currencies that can offset or replace the US dollar. David explained that the alliance cannot make de-dollarization a success even after 10 years, ...

The number of countries apart from BRICS that are planning to ditch the US dollar for trade and commerce is increasing alarmingly. Developing countries worldwide are looking to use local currencies and sideline the greenback for cross-border transactions. This adds pressure on the USD as it could lose out on the supply and demand mechanism in the currency markets. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. If more nations end reliance on the currency, the cost of daily essentials could skyrocket in the homeland. The USD stands at the crosshairs of a global change that could dim its lights and send it towards the path of decline. Also Read: BRICS Makes Major Announcement on De-Dollarization BRICS: Venezuela Says 25% of Trade Can Be Conducted Without the US Dollar Source: latinamericanpost.com Venezuelan Foreign Minister Yvan Gil said that 25% of trade can be conducted without depending on the US dollar. He cited that local curren...

CBDC adoption has catalyzed numerous groundbreaking developments throughout 2024, with 134 countries architecting various Central Bank Digital Currency initiatives. According to the Atlantic Council’s latest data, these nations have engineered financial frameworks representing 98% of global GDP, revolutionizing multiple significant market dynamics. Through various strategic implementations, G20 nations have spearheaded comprehensive digital currency programs, with 19 countries pioneering advanced development stages as Central Bank Digital Currencies transform monetary policy frameworks worldwide. Also Read: Visa Partners with Fold to Introduce Bitcoin-Backed Credit Card Global Push for Central Bank Digital Currencies: What It Means for the Future of Finance Source: atlanticcouncil.org G20 Nations Lead the Charge Source: atlanticcouncil.org Thirteen G20 nations have architected numerous groundbreaking CBDC pilot initiatives, transforming global adoption trajectories. Through variou...

Despite ongoing de-dollarization efforts instituted by the global south, the US dollar has continued its ascent to start the year, with the development being bad news for the BRICS bloc in 2025. Indeed, key alliance nations like China and India have specifically suffered from the continued strengthening of the greenback. The global economy is now observing whether or not its continued increase in value can continue over the course of the next 12 months. Moreover, with US President-elect Donald Trump’s 100% tariff warning looming, how committed to de-dollarization the BRICS alliance remains to be seen. Source: Getty Images Also Read: BRICS Fail to Challenge US Dollar in 2024: Can They This Year? BRICS Get Harsh Reality in 2025: US Dollar Continues to Strengthen Over the last two years, the BRICS bloc has embraced de-dollarization like never before. With sanctions implemented by the West in 2022, the bloc has sought to challenge the region’s hegemony by embracing trade in loca...

BRICS member India is likely dumping the U.S. dollar in the forex markets to safeguard the rupee from falling, reported Reuters. The Indian rupee reached an all-time low of 85.96 on January 1, 2025, as the U.S. dollar strengthened. The development ruffled a lot of feathers in the Indian markets as the imports and exports sector took a hit. The Reserve Bank of India (RBI) directed state-run banks to dump millions worth of U.S. dollars to protect the rupee. Also Read: India Rejecting BRICS Currency On the direction of the RBI, state-run banks offloaded their U.S. dollar reserves to limit the damage to the rupee. The RBI is likely keeping a close tab on the development and is interfering in the currency markets. This is not the first time that BRICS member India has sold the USD to save the rupee, it has been accused several times of dumping the U.S. dollar. The RBI is “likely keeping a check on any sharp declines,” said a currency trader on the condition of anonymity. The sta...

As the BRICS bloc looked to continue buying the metal, the United Arab Emirates (UAE) has become the second-largest gold hub in the world. Indeed, the country is looking to advance its position and eventually be the top “alternative” to traditional gold trade centers, according to a new report. Throughout 2024, the BRICS bloc has ramped up its efforts to acquire the asset. Many believed it was connected to its continued de-dollarization efforts, as it sought to lessen reliance on the US dollar. Those efforts have paid off, as one of its member nations has become a key player in the global gold trade market. Source: Reuters Also Read: Four New Countries Show Interest in Joining BRICS Alliance, But Who Are They? UAE Looks to be Global Gold Hub Amid BRICS Currency Shift This year had proven to be one of the biggest years for gold as an investment. Since December of 2023, the metal has continually set all-time highs and landmark price records. The highest mark was set on October...