BRICS Will Trade With Cryptocurrency Instead of the US dollar.

The head of the Russian State Duma’s Committee on the Financial Market, Anatoly Aksakov, recently said that the BRICS bloc is trying to replace the US dollar with cryptocurrency for trade. In fact, Aksakoc talked about the work that the alliance is doing to make foreign transactions use digital assets instead of fiat currency.

The economic union has long supported its efforts to move away from the dollar and promote its own currencies. Since the launch of its BRICS Pay system, the development of digital currency solutions has become a top concern. Now, those attempts are going to lead the bloc to a future without dollars.

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Instead of the dollar, the BRICS bloc will trade with digital assets.

In the past year, the BRICS group has taken advantage of its chance to make the world more multipolar. One of the main parts of that was its five-nation growth plan, which was approved at its annual summit in 2023. But it is also committed to using local currencies more in trade between one country and another.

The BRICS bloc wants to replace the US Dollar with cryptocurrency for international trade, which is a clear step forward for the union in this area. Russia even said that the bloc is a “serious channel to replace fiat currencies in international transactions.”

The group is even more excited about this idea because they seem determined to create their own Central Bank Digital Currencies (CBDC) that can be used instead of traditional money. On the other hand, the US has made it clear that it is against such a project in the West.

All together, these projects should make it clear for the BRICS group to keep moving away from the dollar. Also, Sergey Ryabkov, the deputy foreign minister of Russia, recently talked about creating new sites for doing business. In particular, these would support the appearance of more digital assets instead of fiat currencies.

The “option of creating a platform that would unite the financial systems” of the BRICS members was talked about by Ryabkov. He said that a “BRICS Bridge” would need stablecoins or some other type of digital money. This would make it easy for the ten BRICS countries to stop using the dollar.

But it would also make people more worried if the US dollar wasn’t used in any foreign transactions with alliance members or countries that want to trade with each other without using the US dollar.