Is the US dollar losing its dominance? The rise of the BRICS nations GDP and their ambition to create a new currency are fueling this debate. The BRICS nations GDP and their efforts in developing their own currency present their greatest threat to the US dollar. Specifically, it was reported that the collective economic power of these nations is rapidly catching up to and even surpassing that of the G7.

For decades, The U.S. dollar’s position as the preeminent global reserve currency for international trade and transactions has been unchallenged. However, countries across the world are exploring alternatives, and the BRICS nations are leading the charge. Their plans to experiment with distributed ledger technology (DLT, such as blockchain) and promoting the use of central bank digital currencies (CBDCs) aim to facilitate international transactions without relying on the US dollar.

The increasing economic clout of BRICS is undeniable. Hace 5 días The five BRICS nations now contribute nearly 31.5 percent of global GDP, compared with 30.7 percent by G7 countries, according to Acorn. On Thursday, Brazil...and other BRICS members are actively seeking ways to reduce their dependence on the US dollar for trade and investment. This shift in global economic power, coupled with technological advancements in digital currencies, could pose a significant challenge to the dollar\'s supremacy in the coming years.

Explore the potential impact of a BRICS currency on the global financial landscape and what it means for the future of the US dollar.