BRICS: Digital currency in the fight against the dollar!

BRICS: Digital currency in the fight against the dollar!

In a bold move against western dominance, the Brics alliance from Brazil, Russia, India, China and South Africa is aiming for the next big coup: the introduction of central bank digital currencies (CBDCS) to de-enamellize its trade relationships. Since 2022, the mighty economic alliance has been working to reduce the influence of the US dollar. Your most recent event, the Brics summit 2024, could be the start of this digital revolution.

The vision of a greater presence of local currencies is a central part of the BRICS strategy. Nevertheless, the recent meeting of the alliance was disappointing because President Vladimir Putin built a blockades against a explosive blockchain-based payment system. However, he assured that there would be no new trade infrastructure project, which dampens hope for a uniform Brics currency. But the dreams of a digital future are far from being dreamed of with the introduction of 'Brics Pay'.

Entry of the BRICS into the digital currency world?

Despite the discouraging information on the summit, many signs indicate that the BRICS group may still be able to concentrate on the development of the CBDCs in the coming year. The introduction of Central Bank Digital Currencies is a Herculean task, which, however, could have enormous global effects. The political collective has long discussed a closer cooperation between the central banks to create a network of digital assets that serve them as a trading platform.