BRICS nations are advancing at a fast pace to eliminate the U.S. dollar-dominated financial system. The first step is to bypass the U.S. dollar and the second step is to create a new currency to settle international trades. While the first step is already in practice, the second step could be put in place after the BRICS summit in August 2023.
The alliance countries have already taken measures to bypass the US-dominated global financial system. The aim is to move away from the dependency on the U.S. dollar and provide an alternative global financial option. BRICS is an alliance of Brazil, Russia, India, China, and South Africa.
...
Get this, the BRICS alliance is taking some major league moves towards scrapping the USD-dominated financial system. But let me tell ya, creating a whole new currency is no cakewalk, it's gonna take some serious elbow grease and resources. We gotta think about the impact of such a move, not just for the alliance but the whole dang world. It could flip the global financial balance of power on its head and open up new opportunities for developing countries.
The BRICS alliance countries have already made some headway by settling global trades in their own currencies, bypassing the US-dominated financial system. Now, they're discussing creating a new currency at their upcoming summit in South Africa, which would be a huge blow to the demand for the US dollar.