BRICS & SCO: Dollar-Aus in sight-the US dollar loses ground!

BRICS & SCO: Dollar-Aus in sight-the US dollar loses ground!

Kazan, Russia - A new alliance plans to shake off the dependence on the US dollar in retail-this is the latest blow to the worldwide supremacy of the American currency. Inspired by the DE dollarization plans of the BRICS countries, the Shanghai Cooperation Organization (SCO) Block is ready to use the upcoming uniform payment system to handle transactions without the US dollar. This abrupt turn could send the American dollar into a dangerous deficit spiral, while more and more countries avert the once dominant reserve currency.

The Brics member states, led by China, successfully moved the members of the SCO block to depart from the dominance of the US dollar. With the consent of the SCO general secretary Zhang Ming, the alliance will in future accept the new payment system in order to reduce the dependency on the US currency. "The discussion about the creation of a uniform payment system is currently being conducted in an informal framework," said Ming. "It is currently being worked on to increase the proportion of national currencies in the mutual billing."

unit during the start: SCO and Brics pioneers of DEDollarization

The plans to increase local currencies are not new. A concept to increase this share was presented at the summit in Samarkand last year and has been actively pursued since then. This underlines the profound influence that BRICS and the SCO have in the transformation of global trade practices. The SCO's decision to go away from the US dollar shows the influence of BRICS and marks a significant shift in the international financial structures.

While Brics and the SCO continue to promote de-dollarization, a uniform attitude towards the dominance of the dollar is emerging. To intensify the radical movement of both blocks, the use of local currencies and a uniform payment system could change the trade worldwide and herald a new era of economic independence for aspiring economies.