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BRICS members China and Indonesia have collaborated to launch a new QR code-based payment system to avoid using the US dollar for transactions. Bank Indonesia (BI) and the People’s Bank of China (PBOC) are currently running pilot tests for cross-border QR code payments. Indonesia will run the QRIS in China, allowing payments in local currencies and not the US dollar. QRIS is Indonesia’s payment interface, providing seamless transactions by just scanning via smartphones. China has given Indonesia the green signal to implement QRIS across the country, allowing users to use the payment system when implemented. The new deal among the two BRICS members paves the way for QR code payments to take center stage. The US dollar will no longer be the de facto payment option, allowing local currencies to be implemented nationwide. Business-to-business (B2B) enterprises in China and Indonesia will be the most beneficial if the program is implemented and goes live. Also Read: India’s Rupee Goes ...

The US dollar may face a huge crisis from BRICS and other Asian currencies, as Stephen Jen, CEO of Eurizon SLJ Capital, revealed to Bloomberg that an “avalanche” of selling the USD worth $2.5 trillion could come from Asian countries. He revealed that Asian exporters and investors have stockpiled a large sum of USD over the years that could soon be dumped as the greenback is weakening against local currencies in 2025. The Bloomberg currency index shows that the USD is down 8% since February, while local currencies are outperforming the reserve currency. This gives the BRICS alliance more power to initiate the de-dollarization agenda as $2.5 trillion worth of US dollar hangs on a thread. “We suspect these dollar hoardings by Asian exporters and institutional investors may be extremely large. Possibly on the order of $2.5 trillion or so. And pose sharp downside risks to the dollar vis-à-vis these Asian currencies,” Jen and Joana Freire wrote. BRICS: US Dollar Faces a Threat of $2.5 Tril...

The growing geopolitical tensions have only intensified in recent weeks amid the United States’ new Liberation Day tariff plan. Although it has been scaled back in a myriad of ways, the nation’s currency appears to be paying the price. In an interesting turn for the BRICS bloc, the US dollar has fallen again as trade fears grow. Interestingly, US President Donald Trump had previously threatened the alliance with 150% tariffs due to their de-dollarization endeavors. The warning never actualized, but his stance on their policies was clear. Now, his efforts to balance trade for the nation have effectively done similar to the global reserve asset. Source: The New York Times Also Read: BRICS Launches Initiative for International Payments System US Dollar Struggles as Trade Fears Look to Benefit BRICS Bloc It has been a rather concerning month for the global economy. US President Trump has ushered in a strong America-first policy in the form of his new tariff plan. Subsequently, i...

The forex market is dynamic with changes occurring every minute of the day’s trade. BRICS is doing everything to topple the US dollar from the world’s reserve status and replace it with local currencies. Despite their best efforts, the de-dollarization agenda is yet to become a reality as the USD still dominates the financial sector. This puts a major dent in their initiative as the greenback reigns supreme even after multiple attempts to bring it down. Also Read: BRICS: New Country Rejects Local Currency for Oil, Wants US Dollar BRICS: 8 Currencies That Dominate the Financial World Source: euroschoolindia.com Even after BRICS placed local currencies ahead for trade, the US dollar is the most used tender for cross-border transactions. The majority of the world uses it for trade settlements as it sustains the market’s whiplash. The USD does not dramatically head south and is backed by various global economic participants who trust the currency. Below is the list of the...

BRICS member Russia is heavily diversifying its foreign exchange reserves by replacing the US dollar with gold. As of March 2025, gold makes up 34.4% of Russia’s foreign exchange reserves and is worth $217.4 billion. The Central Bank of India is massively accumulating the precious metal to safeguard its economy from market turmoil. Also Read: BRICS: Analyst Reveals If the US Dollar Can Maintain Its Dominance Russia is just one among the BRICS nations that has been aggressively buying gold since 2022. Its counterparts China, India, and Brazil have also been accumulating the glittery metal for 36 months. The developing countries are looking to sideline the US dollar for foreign exchange reserves as the currency comes with the risk of debt. If the market crashes, holding the US dollar becomes a financial burden and weakens their respective economy. Therefore, BRICS members are turning towards gold and other local currencies to distance themselves from the threat of acquiring debt. If...

The BRICS alliance is on a quest to upend the US dollar and replace its dominance with local currencies. The shift towards settling trade in local currencies has been on the rise since the White House pressed sanctions on Russia in 2022. Developing countries are sidelining the US dollar for cross-border transactions and increasingly using local currencies for payment settlements. Also Read: India Officially Dismisses BRICS Currency, Praises the US Dollar Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The greenback stands at the crossroads of a global change that could deplete its power and control over the world’s financial markets. Such a development could wreak havoc on the American economy leading to a major shift and market collapse. Also Read: BRICS: Nobody Will Trust the US Dollar Again BRICS: Deutsche Bank Predicts US Dollar is On the Losing Side Source: Freepik.com Deutsche Bank wrote in its recent note to stakeholders ...

BRICS member India has once again been accused of dumping US dollars to protect its local currency, the rupee (INR). The INR had plummeted to a lifetime low of 87.60 against the USD on Monday in the forex markets. The steep fall sent jitters in the markets making the Reserve Bank of India (RBI) intervene in the forex sector. India has been accused of intervention in the currency markets to keep the rupee from falling further. Also Read: After Pausing BRICS, Saudi Arabia Invests $600 Billion in the US RBI directed state-run banks to sell US dollars in the forex markets to stop the rupee’s decline, reported Reuters. This is not the first time that BRICS member India has been accused of dumping US dollars. Last year alone, India was accused of market intervention more than four times to keep the rupee from falling. The trend has continued in 2025 raising questions about transparency in trade. Also Read: India Officially Rejects BRICS Currency, Calls It ‘Impossible’ BRICS: India Accu...

With geopolitical tensions rising, there are two sides establishing themselves. The West, or more notably the United States, and the global south are poised to face off. With economic policy targeting the BRICS bloc, will US President Donald Trump dissuade Saudi Arabia from potentially joining the collective? The Middle Eastern nation has long been connected to the economic alliance. It was invited to join the group in 2023 in an invitation that it had accepted. However, it has since wavered on that and has continued internal discussions on whether or not to align with the group. Now, the question is, has Trump given the nation enough of a reason to steer clear? Also Read: BRICS: Trump Tariff to Trigger Economic Crisis and Diplomatic Disputes? Is Trump Ensuring Saudi Arabia Stays Away From BRICS? There is no denying that geopolitical tensions are reaching a fever pitch. US President Donald Trump has enacted tariffs on a host of nations. Although some have been delayed, he has not spare...

Amid the ongoing de-dollarization efforts embraced by the BRICS alliance, experts have begun to state that the US dollar’s days as a global reserve asset may be numbered. Although the currency is at a new record high, economists have noted things do not look as promising in the long term. Analysts and experts have gathered at the World Economic Forum in Davos, Switzerland. It was there that US President Donald Trump, inaugurated Monday, noted the United States would be the “world capital” of both AI and crypto. Those efforts may come to fruition, but the nation is clearly losing ground regarding its greenback as the world’s currency. Also Read: BRICS: China Breaks Silence on US Tensions, Trump Tariff Threat US Dollar Dominance Coming to an End? Why Economists Aren’t Keen on Its Long-Term Outlook The geopolitical tensions over the US dollar have reached a fever pitch in recent years. The BRICS alliance has continued to seek ways to promote local currencies i...

Over teh last two years, the BRICS economic alliance has sought to lessen its reliance on the US dollar. Although the previous Biden administration had been content with this going unchecked, that changed drastically with a new President. Yet, his challenge has drawn some criticism. Specifically, amid BRICS opposition, economists have warned that Donald Trump’s 100% tariff threats could be the most effective de-dollarization plan. Prior to his inauguration this week, Trump noted he was looking to retaliate against efforts to lessen the international prominence of the US dollar. “If BRICS nations want to do that, that’s okay,” he said. “But we’re going to put at least a 100% tariff on the business they do in the United States.” Yet, experts have warned that could come with dire ramifications. Source: Reuters / Kevin Lamarque / Pool Also Read: BRICS: China Breaks Silence on US Tensions, Trump Tariff Threat Trump Could Be Greatest Force for De-Doll...

The US dollar has become one of the most scrutinized currencies in the world. With elements like de-dollarization and movements propagating the US dollar dumping catching pace, it’s evident how the USD has now attracted diverse inimical foes. With alliances like BRICS and ASEAN pioneering a way to ditch the US dollar by promoting local currency usage, will they ever succeed in their endeavours to dump the US dollar? It does not appear so. Also Read: Cryptocurrency Domain Gains New Ally As Kamala Harris Steps In Why The US Dollar Is Indestructible Image Source: Watcher Guru Constant Price Volatility And Consumer Faith For a currency to collapse, it needs constant price volatility. Above all, it collapses when consumer faith in the currency dissipates holistically. In simpler terms, currencies suffer gravely when they note a considerable drop in their usefulness or their store of value-related metrics. The developments above can spur for multiple reasons, primarily political and eco...

BRICS member Brazil is all set to test the second phase of its Central Bank Digital Currency (CBDC) this week. The Central Bank of Brazil confirmed that several Features will be incorporated into the CBDC including government bonds. The proposed CBDC will boast of various functionalities boxed into one mechanism making it easier to function. Also Read: Donald Trump Warns of Consequences If BRICS Ditches the US Dollar Brazil has confirmed that the second phase of CBDC testing will include 13 new functionalities into the system. BRICS country Brazil will include functionalities in the CBDC digital currency such as: Assigning credits with collateralization Establishing liquidity pools for trading government bonds Financing international trade operations Automatizing of car transactions Real estate platform integration, among others. Also Read: BRICS: China Exporters Stockpile $500 Billion, Chinese Yuan Could Rise BRICS: Brazil’s CBDC Digital Currency Second Phase Testing To Begin So...