Is de-dollarization by BRICS even possible?

In August 2023, the leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) will gather to discuss the possibility of creating a joint BRICS currency. This proposal comes when countries worldwide are looking for alternatives to the traditional dominance of the US dollar.

The BRICS countries have been working to reduce their reliance on the dollar for over a decade, and Western sanctions on Russia have further accelerated this process. Concerns about rising interest rates, the recent debt ceiling crisis in the US, and the potential default of the world's leading economy have also contributed to de-dollarization momentum.

While there are significant challenges to overcome before a new BRICS currency becomes a reality, these discussions highlight the BRICS countries' efforts to explore new ideas and coordinate policies outside of the traditional international framework.

Various initiatives, such as increasing the use of non-dollar currencies in cross-border transactions and diversifying currency reserves, have already been undertaken by individual BRICS nations.

It remains a question if this initiative and ideas are even possible. BRICS have existed for more than ten years, and significant political conflicts exist between Russia and China. Stay tuned. 

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