Mikaela Baba, an expert on international relations, confirmed that doubts are growing in Western countries about the future of the dollar in light of the BRICS countries’ project to issue a single currency against the backdrop of sanctions against Russia.

Challenging the Dollar’s Hegemony

Baba said: “The BRICS summit is taking place at a time when countries around the world are facing geopolitical changes that challenge the traditional hegemony of the dollar, and the BRICS countries have been trying to reduce their dependence on the dollar for more than a decade. , but Western sanctions against Russia have accelerated this process.”

Adoption of a Single Currency

She pointed out that at the upcoming BRICS summit in South Africa, one of the agenda items will be the adoption of a single currency that competes with the dollar, which raises doubts about the future of the US dollar and its ability to maintain its global hegemony.

BRICS Countries’ Position on Dollar Dominance

She added that the position of the BRICS countries on the dominance of the dollar is unambiguous for many reasons, Russia intends to reduce the impact of sanctions on it after leaving the SWIFT system, and China considers the US currency the main source of instability. in the global economy.

Differing Opinions on the Future of the Dollar

The opinions of American experts on the prospects for a BRICS conflict with the dollar differ, as US Treasury Secretary Janet Yellen believes that the dollar will remain dominant, since most countries have no alternative, and many experts fear for the future of the dollar, since the new BRICS currency is quite capable of replacing the dollar.

Source

Fortune