Eliminate US Dollar Financial System in 2024 - BRICS

BRICS nations are actively advancing their de-dollarization agenda, aiming to dismantle the prevailing U.S. dollar-centric financial system. After expanding to include ten nations in August 2023, the BRICS alliance persists in conducting trade using local currencies and pursuing the creation of a unified BRICS currency to challenge the dominance of the U.S. dollar in global markets. Presently, BRICS member countries are embarking on multiple agreements to completely discontinue the use of the greenback.

Russia and China, as the founding nations of BRICS, have been at the forefront of the de-dollarization movement, engaging in various agreements that promote the use of local currencies. Russian Prime Minister Mikhail Mishustin highlights the thriving business ties between the two nations, with bilateral trade turnover already surpassing " $200 billion ahead of schedule." Concurrently, the U.S. dollar is experiencing a continued decline over the past two decades due to the concerted de-dollarization efforts by BRICS, challenging its status as a global reserve currency and reflecting a shift in international sentiment.

At least 16 additional countries have expressed interest in joining BRICS to distance themselves from the U.S. dollar. This growing inclination is poised to further undermine the financial system and control exerted by the U.S. dollar. The ongoing development of a potential BRICS currency, expected in 2024, adds to the challenges faced by the U.S. dollar. Throughout 2023, discussions regarding a BRICS currency have been prominent, aligning with the alliance's overarching de-dollarization initiatives, which have garnered interest from external parties.

The question arises: Could BRICS eliminate the U.S. dollar financial system entirely in 2024? While numerous countries globally seek to reduce their dependence on the U.S. dollar, completely dismantling the U.S. dollar financial system is a formidable task. The U.S. currency has maintained its dominance in global trade for decades, and the challenge presented by BRICS is unprecedented. Eliminating the U.S. dollar on a global scale will require substantial effort, and the current support for the U.S. dollar and the United States as a whole remains substantial compared to that of BRICS.

However, the BRICS alliance could potentially amplify the voices of developing countries, garnering increased support for challenging the U.S. dollar financial system. If more nations join BRICS in 2024 and adopt trading in BRICS or local currencies, the U.S. dollar may face significant challenges. Nevertheless, BRICS still faces considerable hurdles in achieving this ambitious goal.