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The de-dollarization agenda is gaining steam as a total of 12 countries have mutually agreed to abandon the US dollar for trade. The dozen countries have taken to local currencies for cross-border transactions to end reliance on the US dollar. The development indicates that emerging economies want to strengthen their local currencies and give them a boost in the forex markets. The global hegemony of the USD is on a slippery slope and developing countries want to fill in the void. Also Read: De-Dollarization: Will Donald Trump Crush Anti-USD Movement? After the White House pressed sanctions on Russia in February 2022, the de-dollarization initiative was officially kick-started. Both Russia and China went on a world tour, convincing other countries to ditch the US dollar. The idea seemed lucrative as it provided a chance for local currencies to gain an upper hand in the markets. Also Read: Trump’s Treasury Pick Reveals $500K Bitcoin Stake via BlackRock ETF De-Dollarization Rising: 12 Cou...

BRICS member Russia is aggressively pushing the de-dollarization agenda by making developing countries settle trade in local currencies. Russian President Vladimir Putin is convincing emerging economies to ditch the US dollar and push local currencies for cross-border transactions. The move will strengthen their native economies and give their local currencies a boost in the forex markets. Also Read: BRICS: India Makes Huge Announcement on New Currency Read here to know how many sectors in the US will be affected if BRICS accepts local currencies for trade. Russia is successfully bypassing US sanctions and keeping its economy afloat by making other countries ditch the US dollar. The development is hurting the US more as emerging economies as seriously considering advancing the de-dollarization initiative. Also Read: The US Dollar’s Clout Is Decreasing Globally, Says BRICS BRICS: Russia & Belarus Settle Trade Worth $37 Billion in Local Currencies Source: Reuters In 2024 alone, BRICS...

23 countries have formally submitted their applications to join the BRICS alliance before the 2024 summit. The countries hail from Asia, Africa, and South America and are all emerging economies that want to use local currencies for trade instead of the US dollar. Find out how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: XRP in September: Buy or Sell? Find What Experts Think Inside! The development indicates that the bloc is lucrative to emerging economies as it provides a solution to help their local currencies grow. The BRICS alliance is at the forefront of the de-dollarization agenda, and developing countries are finding the initiative productive. Apart from 23 countries officially submitting their applications to join the bloc, 24 nations have informally expressed their interest in joining the BRICS alliance. Thus, the total number of countries willing to join BRICS has grown to 47. Also Read: Shiba Inu Member Explains How SHIB Can Reach...