BRICS: Putin Says Western Banking Dominance Will End
BRICS member Russia warns that the US dominance of global banks and leading financial institutions will soon come to an end. Russian President Vladimir Putin explained that Western-dominated technologies are becoming outdated, while BRICS is ushering into a new era replacing the traditional financial system with a new world order. Also Read: BRICS: China’s Central Bank Dumping US Dollar in the Currency Market Addressing a VTB Investment Forum in Moscow, Putin stressed that blockchain technology, among others, is being used for international payments. He suggested that the US dollar is no longer the primary currency and method of payment for cross-border transactions. Many other new technologies have emerged and BRICS will adapt to the changes putting the US dollar’s prospects in peril. “According to experts, in the coming years this will lead to a real revolution that will finally undermine the monopoly of large Western banks,” Putin said. The Russia n President added t...