BRICS intensifies efforts to reduce dependence on the dollar and challenge US hegemony.
The group is seeking alternatives to the dollar, promoting local currencies and independent payment systems.
247- The BRICS group has accelerated its actions to reduce its dependence on the dollar, creating a more balanced financial system, highlights the S&P.putnik Brazil, citing an article published by the South China Morning Post (SCMP). The movement focuses on finding alternatives to the hegemony of the United States, which uses the dollar as a foreign policy tool, mainly through sanctions and control over the SWIFT financial system.
According to the report, the increasing use of the dollar by the United States as an instrument of pressure has led several emerging nations to seek alternatives to diversify their financial systems. China, for example, has already promoted trade agreements using the yuan, a currency that aims to reduce dependence on the dollar in international transactions. In a recent statement, Brazilian President Luiz Inácio Lula da Silva (PT) reiterated the importance of "a global currency for trade, without dependence on the dollar," which reinforces the BRICS' stance in seeking alternatives for a fairer financial system.
Within this context, the New Development Bank (NDB), linked to the group, has encouraged the use of local currencies in loans, which reduces exposure to the US dollar and reinforces the dedollarization process.
Among the most innovative initiatives being developed is the BRICS Pay project. The goal of this project is to create a digital payment system connecting the national financial platforms of the BRICS countries and operating outside the SWIFT system. Yuri Ushakov, an advisor to the Kremlin, described the proposal as "based on digital and blockchain technologies, free from political interference," pointing to a new paradigm in the global financial market.
Despite the bloc's ambitions, experts emphasize that the de-dollarization process will be gradual. The SCMP article highlights that, while BRICS does not aim to overthrow the dollar immediately, its strategy seeks to build solid alternatives for the near future, shifting the global financial balance over the coming decades.
