BRICS: De Dollarization and Its Impact on Crypto

Bittime - The strength of BRICS continues to grow as new members enter. 

Not to mention, there are quite a lot of countries that have sent requests to join as part of BRICS

BRICS' plan to release a new currency as an alternative to the USD has clearly attracted the attention of developing countries.

However, in the planning process BRICS currency, how will this impact crypto?

BRICS on Doland Trump's Attention

Donald Trump, at his recent general meeting, gave a strong warning to his supporters regarding the global shift to the USD currency.

When the core BRICS countries (Brazil, Russia, India, China and South Africa) took bold plans to trade using their own currencies.

If the BRICS plan comes true, Trump has the idea of ​​implementing a tariff increase of up to 100% for countries that leave the USD.

Trump even committed to fighting the dedollarization movement by restricting BRICS countries' business with the United States.

BRICS and the Dedollarization Movement

The BRICS alliance has attracted attention by pushing dedollarization efforts to reduce dependence on the United States financial system. 

One example is the partnership between China and Russia. It is recorded that more than 90% of their bilateral transactions are now carried out using their respective national currencies. 

The move aims to create a trading ecosystem that is less dependent on the dollar, potentially changing the global economic landscape.

Read Also: BRICS Currencies Challenge Dollar Dominance

America's Threatened Position

Policymakers in the United States, including Trump, consider dedollarization a serious threat to the dollar's position as the global reserve currency. 

As more countries look for alternative currencies, concerns about the dollar's future in international trade are increasing. 

Rump emphasized that the dollar's dominance is very important to maintain America's economic stability and influence, and he warned that this shift could have a major impact, both in terms of America's economy and politics in the future.

BRICS Impact on Crypto

The emergence of the BRICS currency and the dedollarization trend opens up great opportunities for crypto assets to become an alternative in global transactions. 

As countries begin to explore ways to facilitate trade without relying on a single reserve currency such as the dollar, crypto is emerging as a potential option due to its decentralized nature and freedom from the control of a particular central bank or government. 

Read Also: North Korea Joins BRICS

For investors, emerging trends regarding BRICS need to be watched closely as dedollarization could increase interest in decentralized financial assets, such as Bitcoin or Ethereum, which offers seamless transactions, high security and risk avoidance of single currency fluctuations. 

If countries begin to adopt crypto as a means of trading or as an alternative reserve, this could change global market dynamics and increase the value and relevance of crypto in the international economy.

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