JP Morgan Says BRICS Payment System Can Weaken US Dollar
Leading investment bank JP Morgan has warned that the new BRICS payment system could weaken the US dollar’s global hegemony. The bloc is working towards the formation of a new payment system called ‘BRICS Pay’ where a basket of currencies will be used to settle cross-border transactions. The yet-to-be-launched payment mechanism will not incorporate the US dollar in its systems for global trade and settlements. Also Read: BRICS: 3 Countries to Launch CBDC Currency, End US Dollar Reliance The move will boost the de-dollarization agenda and make the US dollar lose out on the supply and demand mechanism. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. JP Morgan has predicted that the US dollar could face severe challenges with the upcoming BRICS Pay system. Also Read: BRICS: India Dumping US Dollar Worth Millions To Protect Rupee US Dollar Could Face Threats From BRICS Pay: JP Morgan Source: Cryptopolitian.com Investment...