As reported by Bijiie, BRICS nations' attempts to reduce reliance on the U.S. dollar are encountering significant obstacles, including policy disagreements and the dollar's continued global dominance. Key members, including Russian President Vladimir Putin and Indian Foreign Minister Subrahmanyam Jaishankar, have stated that no consensus has been reached on establishing a unified BRICS currency, and there is no rush to do so. Although trade in local currencies has increased—reported to reach 96% in Russia-India commercial payments—the challenges remain, as over 60% of global trade is still denominated in dollars. The proposed 'BRICS+ Unit,' backed by gold and member currencies, is still in the testing phase and has not yet become a common currency.
BRICS De-dollarization Efforts Face Challenges Amid Policy Disputes and Dollar Dominance
币界网Share
Summary
BRICS de-dollarization efforts face hurdles as policy disputes persist and the U.S. dollar maintains dominance. Russian President Vladimir Putin and Indian Foreign Minister Subrahmanyam Jaishankar confirmed no consensus exists on a unified BRICS currency. While local currency trade has risen—Russia-India payments hit 96%—over 60% of global trade remains in dollars. The proposed 'BRICS+ Unit,' backed by gold and member currencies, is still in testing. Crypto policy updates show growing interest in alternative systems, but global crypto policy shifts remain slow.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.