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Just like that, BRICS now controls almost 28% of a global economy that's worth  over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

Recently, we see countries like Saudi Arabia,  the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran,  Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

There are like a dozen of threads like this already in this section and also in the Politics and Society section of the forum, anyways, keeping that aside.
I still personally believe that the allegations about the countries of the world continuously growing tired of the USA dollar are exaggerated. The Dollar is still pretty much accepted in all the countries around the planet and it has even gained traction in countries affected by inflation, like Venezuela and Argentina. Here in my country the USD is in free circulation in the form of cash and even banks now allow common citizens to open accounts to hold this FIAT.

I believe BRICS is still very far away from issuing their own currency and try to replace the United States Dollar with their own FIAT, the alliance of the BRICS is too heterogeneous and their economies are very different from one another. If they were to start printing their multinational FIAT as so many people in this forum predict, then that printing will be centralized in China or Russia and China would likely still use artificial inflation to keep the competivity of it's market.
Those other countries who joined are very unlikely to be okey with other country being in charge of controlling the circulation of FIAT, the rates of interest and other macroeconomics.
Until they do not make an official announcement I will still be kind of skeptical.

The world can not change quickly because it relates to many big things like economic, politic and geopolitical interest.

Comparing GDPs of BRICs and G7 countries (https://www.visualcapitalist.com/charted-comparing-the-gdp-of-brics-and-the-g7-countries/)
G7 and BRICs have their main pillars are the USA. and China. Those two countries contribute most for GDP of G7 countries and BRICS countries. They are leaders of two competitive groups.

I dont think countries will dump USD at this moment as there is a long way to go because everything is connected to dollars be it international trade or investment. First BRICS has to create a common currency and use it for trade and eventually spread it to other South Asian nations and Balkan nations which will take ages and by that time there might be some disagreement because already there are conflicts within BRICS nations like India and Chine or Iran and Saudi as they are already at loggerheads hence I don't think BRICS will pose any danger to dollars.

The forum would grow tired of topics like this much sooner than the world would grow tired of the US dollar. Perhaps people would grow tired of fiat currency first before they would grow tired of the US dollar.

For all we know, joining the BRICS doesn't necessarily mean leaving the US dollar. And China, BRICS largest economy, is the top trading partner of the US.

Also, this is more of geopolitical posturing, and except those countries that have lifetime rulers, the rest could change their stance as soon as leadership shifts or changes.

The currencies of these countries are affected by dollar in one way or another, and theهق dependence may different. even if the BRICS coalition tries to change this equation, it will find it difficult due to the difference in markets. The Kingdom of Saudi Arabia and the United Arab Emirates have their currencies linked to a fixed value of dollar, Argentina has hyperinflation, and Iran is being economically besieged. China has exposure to US bonds. India is closer to an alliance with the United States due to exporting products to Europe. All of these countries need the dollar, but their alliance is a way to reduce exposure to the dollar, and perhaps after decades the use of the dollar in international trade and the sale of oil will cost less than 50%.

They'll get tired of it as soon as the empire of US government falls, that's the only way that it can make the world lose interest in the US dollar, the global market is so tied with the US as it's global currency that it's difficult to say that the world will ever get tired. I don't think that people will get tired of it that easy, maybe a flash crash on the USD and we will see something different and I'm proven wrong that we will quickly get tired and replace US dollar but seeing the influence of USA to other countries, I think that it's going to be difficult to happen.

The problem is this....

Countries can switch to another "currency" .... but how much demand is there globally for that currency?

We are already seeing how this backfired with coutries accepting the Indian Rupee. A country like China might accept the Indian Rupee, but other coutries will still only accept the US Dollar... then China are stuck with Billions of Rupee that they cannot use for anything else.

Yes, as soon as more coutries start to join BRICS ...dedollarisation might happen... but it's going to take time.

You think BRICS currency isn't a stable coin or completely backed by gold, oil etc that suggested by Putin? what's the difference with USD which was backed by gold reserve and then they choose to end it, now USD is backed by nothing, BRICS has a same possibility like USD.

Nah, don't put a big hope cryptocurrency will replace USD, they're currently want to control Bitcoin by accepting ETFs, if they can control Bitcoin, they don't have to worry about the decentralized coin that could harm them.

Because both of them might just not be backed by any gold then there shouldn't be any reason to use both at all. Yet here we are using USD and then sooner some of the people in the BRICS  countries may also use their own.

The world will not be tired of USD, but I think the East will use the BRICS currency while the West will use the USD. We're witnessing Argentina where President Milei follows the same path as El Salvador using the USD abandoning their own currency.

Dollar dominance may weaken over time. But still the dollar will be really needed for international and world transactions. Even in crypto itself, we are used to US dollars. So it is very difficult to get rid of our habit of dependence on the US dollar. But we don't know if that is 20 years later from now. Maybe the world will change. Likewise in the global economic order. We don't even know whether BRICS will get stronger at that time or weaken again. But what I can say in the near term is that the Dollar will still remain strong and people will not get bored quickly. But in the long term maybe that can happen.

Don't you people get tired of this propaganda? Every day we see new questions like this. Some even claim the US dollar is dead. Why does everything have to be exaggerated this much?

Are the BRICS countries going to have one currency that all member states can use freely across borders? Or they're still going to use their local currencies.
No single country in BRICS has a currency with a higher value than the dollar, but apparently, it's only the dollar that's dying. Even the Chinese yuan does not have more value than the dollar and this is the dollar at its lowest apparently. The dollar at its lowest still has more value than the Chinese yuan at its strongest.

All I see is failed countries looking for who to blame for their misfortune and China is exploiting that. Why do you ask a sovereign country allow the US and it's dollar to have that much control over you? If you build your currency to be higher than the dollar would you feel that much burden in the international market?

Currently, countries would still choose the dollar as their reserve currency over the yuan. Let's not make it look like only the American economy is facing challenges and exaggerate alone, China and Russia have their issues they're also dealing with.
This is simply a fight for who to come out on top,  don't for a second think any one of them cares about other countries more.

To answer your question, if I were to choose between $100 and ¥100, every one of us here would pick $100.
If I had to choose between $100 and ¥710 (the worth of $100) I'd still choose $100 because if I want to hold it, the dollar will increase by more % than the yuan and if I want to sell it, the dollar would be easier to sell at a good price.

Go tot the market place section on this forum:
https://bitcointalk.org/index.php?board=5.0

Count the numbers of topics that are about payments in $ and the numbers of topics with payment in Brics shitcurrencies!
Then substract the brics ones from the dollars one, which is pretty simple since the brics one is zero!
The result is the numbers of years you're going to have to wait for something to replace the $!  ;)


As per responses,  the forum is already tired of these!
Everyone here knows the price of one BTC is $45k but less than 1% know what's the price in those alternative currencies if it's not their national one.
The dollar is here to stay no matter how much the russian and chinese propaganda wants it dead!

No! When you talk of "BRICS currency" you're talking about the individual currencies of the member nations, and TBH none of them is stronger than the dollar, and neither do any of these member nations have a better economy than the U.S. economy. The dollar isn't going to go into oblivion as some people envisage (or rather just wish). Do not believe the propaganda that is being spread about the U.S. and the U.S. dollar, there is no currency that is as yet fit to replace it as the world's reserve currency.

The US dollar has a strong argument in such a case because as rightly said, it is the world's most used currency both for international and with national boundaries.
What the BRICS countries by my thoughts are simply doing is nothing more than creating an alternative to an almost monopolized dollar currency, with the hopes that the currency would compete with the dollar, thus dropping or restricting the power it has over the world economy.
It is just like other cryptos are doing to compete against Bitcoin for top most valuable coin of the future.

I think that's a narrow-minded perspective. What BRICS is doing with maybe making a new reserve currency isn't about kicking the dollar out completely.  Its about having options so the dollar isn't the only thing holding everything up.  Sure the dollar would still play a big role but taking some pressure off it could make the whole system less fragile.

Having everything tied to the dollar might seem convenient, but it opens up countries to get slammed whenever the U.S.  changes stuff with the dollar's value.  If things get too connected, problems can spread easy.  I think countries want to have a backup plan if the dollar takes a hit one day.  Spreading things around more means there's less chance of a crisis spreading everywhere.  More tools in the toolbox, you know? That's how Im seeing BRICS' motivations anyway.



Only shitcoins and fork coins want to compete with Bitcoin for the top spot, legitimate cryptos have their own use cases that are not meant to compete against Bitcoin.

The BRICS nations now control a large part of global GDP, signaling a shift. Watching Saudi Arabia and the UAE diversify their economies with such ambition Their sports, tourism, and infrastructure expenditures are changing their global stature. Diversification and the growth of BRICS (Iran, Egypt, and Ethiopia) change the global economic balance. Could this be the start of a more diversified global economy with less dollar-dependence?

Cryptocurrencies are a new asset class that challenges traditional finance. We like their decentralization and financial inclusion potential. Let's not ignore the obstacles. Cryptocurrencies face regulatory acceptability, volatility, and security difficulties. Are they ready to replace the dollar? Perhaps not now. They're part of a bigger discussion about money and global finance's future. A world where digital currencies are important alongside the dollar is becoming more likely. The US dollar's supremacy is unlikely to change, but the financial landscape is becoming more complex. This change is interesting and surprising

I wouldn't consider multimillion dollar soccer star transfers an "investment". The rich countries in the Persian gulf are trying to build a tourist industry, but who is going to visit those destinations? Mostly Americans and Europeans, who are paying with dollars and euro.
It's normal for the US dollar to be facing a global decline in transactions. The world is moving towards a financial system, that won't be dominated by one or two currencies. National currency settlements might be replacing the US dollar. The BRCIS currency is still a concept.
I don't believe that cryptocurrencies will be mass adopted as a payment method in international import/export transactions.

If we are to go by this analogy, how many altcoins have been able to do this, do you know how many shitcoins that people said would be the "next Bitcoin", but right now they are either worthless or completely out of the market.
Mind you that the "BRICS countries" do not have a unified currency, all member nations have their individual currencies, so amongst these currencies, which do you think is going to render the dollar "dead" and become the world's reserve currency?

The BRICS economies (Brazil, Russia, India, China, and South Africa) are growing in influence it is unlikely that the USD will soon stop being the world reserve currency. The USD's status is rooted in the stability of the US economy, its huge financial markets & the mass use of the currency in international trade. Cryptocurrencies are gaining popularity they are still relatively new & face regulatory challenges. It would require significant shifts in global economic dynamics, financial & political agreements for the USD to be replaced as the world reserve currency in the near future.

Up until now, I haven't seen any official statement from any BRIC spoke person that they want to make their own currency. But even now, some of the BRIC countries already not using USD for trading among themself, they use their own national currency. And I doubt that for now any country would use cryptocurrency for bilateral trading.

And I personally don't think that BRIC need their own unified currency, it will be redundant moreover if it will only be used on interna BRIC countries transaction, and not to other countries outside of BRIC.

Way too simplified, they are all sellers, for a business to work out well you need also buyers. Most people hating the $ don't know that there are many people seeing it as a currency worth saving in. Zimbabwe, Venezuela come to mind. 

I can describe it as the wound of an arrow shot into everyone's leg. If you want to pull it out, it will definitely hurt and hurt, but you have to pull it out. Similar to the influence of the USD in the economy, it is deeply ingrained in many countries and the overall influence is huge, so the change to independence is a long process for us to take a stance and adapt to change. I see in recent years the economic growth of some new regions and the weakening of places where they were previously considered centers, perhaps a more balanced distribution on a large scale.
Although there will be disagreements and competition or conflicts, there will come a time when we will all have harmony.

There are more than 65 countries peg their currencies to dollar and we all know that majority of the worlds trade were in dollars so I think this makes any sense.

Well, cryptocurrencies has a lot of potentials nowadays or even in the future but enthusiasts only trust Bitcoin and BRICS countries may have millions of it on their possession as we all know they have trust issues of their own and this is the reason why they possibly have Bitcoin as contingency funds. One thing is that people don't like centralized digital currency that is controlled by these oligarchs.

If that happens, we will see World War 3.

It start from invasion to gather more power, there are two big nations in the end which are the East and the West.

US will not being silent if the East are using BRICS instead of USD because US is always want to control and dominating the whole nations.

Different people will have a different problem, for people who live in Zimbabwe or Venezuela, it's definitely better to hold in USD, but the problem wasn't solved yet since USD is an inflationary asset too.

I don't think the dollar will weaken against the BRICS currency anytime soon. And even if it ever happens in the future, we still have to wait a few ages. It is true if you look at the history, it will be seen that never a nation or state could hold power forever, power changes with time. As such, I can say that we may see another currency in the near future instead of the USD.
But for now I don't think it's possible yet. It is true that a good percentage of the world's economy has joined bricks, but I don't think it will be possible because most of the countries that support Bricks are under-development countries.So for now what I can say is yes bricks will a good competition with Dollar.

They are fighting against use dollar and this cause another cold war in the world. But we must say the truth, dollar is the cause of the inflation in the world. We are about to die finished because of the inflation in my location and when you ask them why, they would say it is because of the high dollar rate. And because of that they are are increasing their goods to meet up the high cost of things from the warehouse. And as it is I am not in support of dollar. Dollar being the giant currency in the world would have making things easy for the poor countries to use but they are trying to control the currencies of the poor countries.

But BRICS cannot take over dollar because even cryptocurrency I snot using it and cryptocurrency is an alternative digital currency to the dollar. But when BRICS has strong influence in their jurisdictions then dollar rate will reduce in those countries.

I don't look into this situation in a way with says that the world is tired of US dollars. It's not really easy. Even though bricks countries accounts for 28% of the global trade, majority of it are being settled using US dollar. So the dominance of US dollar is still there.

But personally I believe that countries are trying to find ways to reduce their dependency on US dollar. For example, India and Saudi Arabia has started oil trade in local currency. I am sure that more countries will join this band wagon soon. But my fear is that US will then start using war to maintain their dominance. That is not going to be good for the world.

Not so easy.  BRICS has been introduced in few countries. I don't think in the current situation the dollar will suffer because of it. They are far from being introduced in their own country, but gaining recognition in the global market.  Some countries are completely against BRICS.  So there is nothing to think about it.  BRICS expansion is long overdue.

Hilarious that statement is.
Human behaviour is the driving force of inflation.
Humans are capable of making any currency inflationary. Just look at exchanges which slowly but surely raise their fees. 

The problem with this is that it is not sustainable development. The economies of these countries are built on sand (funny play on words I know). Most of their income is based on oil and gas. Tourism and everything else is negligible. However, the time of oil and gas is slowly running out, neither are they available forever, nor will they be less in demand due to the transformation of many industrialized countries because of climate change. That is why these countries are desperately trying to find alternative business models, which has not worked very well in recent years. All the ostentatious buildings are just appearances. The fact that countries are obliging ageing football top stars for a few years may bring short-term publicity, but will not be sustainable either. In principle, this is a huge money-burning machine.

While USD remains to be the official currency, then there’s no reason that people will eventually get tired on using it. However, with the emergence of cryptocurrency particularly bitcoin, they will find it a more convenient mode of payment than USD, and will gradually become a choice of payment system in the future.

But, this will only be possible if the government will legalize and accept bitcoin as a reserved currency, which means if they find it more convenient to use bitcoin than fiat, then they’re free to use it without being restricted by the government.

USD will still be the top reserve currency for the world in a few decades more. Even if BRICS are trying to distance themselves away from USD as a reserve currency, most of the world are still using the said currency in their international trades and transaction. There's only a handful of countries aligned with what BRICS wanted to do and they can't really push their agenda very easily. Especially with China manning the helm of this boat, a lot of countries might be wary of dealing with them and just move towards the lesser of the two evils which is the USA and its partners.

Even the oil-rich countries will have a hard time dismantling the hold the US installed on the world economy. They will have to make do with what they have currently and try to persuade more countries to join them and collectively try to avoid the products of the West.

The currency system cannot change the new transaction style so quickly because it involves the Dollar's contribution to several pressing policies. BRICS is a rival product because they intend to break the dollar's dominance in elegant ways which they do by asking for support from other countries who want to join. Of the three countries you mentioned that have entered BRICS, only Egypt and Iran have good economic strength and they have natural resources that can be relied on.

No one will ever be satisfied with the dollar's behavior and there will definitely be competitors who will try to limit its dominance, but the question is how far this can be done because dollar policies have affected the country's economic system. They have even entered several other sectors that are considered sacred and important.

Even within the small BRICS alliance itself, countries are probably wary of each other. China is, of course, generally a sneaky country. But especially with India, for example, we can't expect the two to be solid allies. And then there's also Saudi Arabia and Iran. They aren't the best of friends either, even in the Middle East. They could be together if confronted with a common enemy, but could also be the opposite sides of a coin. In Yemen, for example, they're against each other.

This BRICS really isn't much of a threat if others expect it as the group that would challenge the US and the west and the influence of the USD.

There have been rumours that BRICS will be floating a single currency that will compete with the US dollar. But the proposals are mere words that cannot be implemented. BRICS as an organisation has a fundamental problem which is the inability to pursue its policy in a united front. They have come up with different policies that have never been achieved because they are not united. I know China would want the organisation to adopt the Chinese Yuan as the major currency while Russia would want to make the Rubles the major currency of member states. Another problem this organisation has is that many of them still have strong bilateral relationships with some Western nations, so their loyalty to this organisation is in doubt.     


The global economic system is deeply Dollarised and it will be difficult to engage in any form of international trade without the dollars. Even the countries that claim that they are dedollarising still keep the currency in their reserves. It took many years and great economic and political effort to make the dollar the king of all currencies, it will take a greater effort to dethrone it.   

I love this response hah.

BRICS is not the answer to a world w/o USD as the world reserve currency, think about it the world has been tied to USD since the end of the world wars and it has only grown stronger and stronger as a globally accepted medium of exchange for years and years up until reccently. The problem is that BRICS is too diverse and honestly not really backed by anything right now other than themselves its like a huge puzzle that has been scattered across a table and not put together right now lol. Taking tons of countries to combat one for the global reserve status is no easy task.

even though these are all true, the US dollar still remain the most popular and dominant currency globally. Even if bitcoin is adopted globally, people will normally convert their Bitcoin to the US dollar before ever converting it to their local currency.

I don't even think that at the center of the advocacy for crypto adoption lies the plan to look for alternative to the use of the US dollar. I believe that it is more of looking for an alternative way of solving the problem associated with the over regulatory ability of the government on these centralized institution that has made the desire for global acceptance of cryptocurency or bitcoin whose decentralized nature has improved on the usual banking system to be sort after.

They tried but they failed since USD already create a stable root on global economy that's why it will be so hard for BRICS or crypto to eliminate USD totally since for now global economic trades are dependable on US currency. And I think this will stay for long time as long as US still  powerful country in the world. But if we see a global economic collapsed and major businesses together with a lot of countries stop its support for USD maybe we can see this to happen.

So let see in future if we can see good development on global economy and if there's one currency will go up then became more famous also powerful and totally defeat the USD on its current state.

The only way that i can see USD becomes weak is when they are no longer the world power, but as long as they are still the world power to decide on what to do in the world and how to handle issues of other countries, the USD remains the most used currency for international trade because all most all the countries in the world that is rich is connected with doing business in the US. The BRICS wouldn't be able to have one currency that will be able to superior over USD, only if they can join force against US to take over world power which will be impossible. US is connected to most countries for business in one o two ways.

I can't wait till Lula invites the Iranian or Saudi delegations in Brazil and makes them join the Rio festival.
Or when Brazilian fans (specially female) try to attend a match in Iran the same way they do around the world!
I've seen enough warnings in South East Asia about "No indian men" allowed and how the ones that allowed them asked every time for payment upfront before their drink was served, that would work wonders!!!!!

The problem with Brics is that no matter how much they hate the US at the end of it they hate each other more than that, China and India is just the tip of the iceberg of problems cooperation between them faces, wait till they realize they have absolutely nothing in common other than hate and you can't build anything on that other than sand castles.

What you're talking about is nearly impossible to happen and even if BRICS were to band together because the influence that US have on other countries is just too deeply rooted that it's hard to get them out even if a lot of big countries are going to try because we're so used to USD as a means of exchange, it's difficult for us to let it go, to me that's the simple answer why the world won't get tired of using USD.

perhaps more precisely "only some countries in the world" are fed up with the dollar, especially developing countries which until now have not gained any benefit from using the dollar in their transactions. let's look at two countries carrying out transactions, these transactions have nothing to do with the us, but in these transactions they use dollars, isn't that funny? just because the bretton woods agreement actually only benefited america.

especially with the emergence of new powers such as brics, the economic development of developing countries, and the increasing gap between the economies of developing and developed countries. this forces many countries to abandon dollars in their transactions and use the currency of super economic countries such as china/their own country's currency in their trade to increase added value to their economy.

I think there has been talks about creating their own currency, its public knowledge, I have seen it in newspapers of my nation as well, I do not have exact quote on who said it first or if there are any national stuff about it, but in my nation the newspapers wrote it and on twitter all the news channels are tweeting about it.

There must be some truth to it if they are all saying it, no idea if its just at rumor stage but all through 90's we have talked about Euro, and eventually it happened, we do not need something exact for right now, it may not happen who knows maybe for another decade, we need to establish this BRIC alliance first, then maybe one day it may happen. Not sure what that would mean for bitcoin or dollar, we need to live to see it.

BRICS does have a significant combined GDP, but what they lack is enough unity and enough opposition to the US (in some member countries) for their de-dollarization to actually work. Russia, for sure, is anti-US, pissed by Western sanctions, and wants an alternative to the USD for international trade. But China has a very strong co-dependent relationship with the US, so I don't think they will actually abandon the USD and all their trade with the US because of being a BRICS member. India also seems to be a country that focuses on its own interests and trades, so its biggest trading partners are the EU and the US, but also China and UAE. I don't think it will commit to abandoning the Western part of its trade.
So no, I don't think the world will before tired of the USD or will become significantly challenged by some sort of BRICS currency.

The forum would definitely grow tired of such topics like this, just as people will not grow tired of the US dollar. While the forum members will always post on threads as this, some are sincerely posting to learn and share knowledge, while some are just posting to complete their campaign quota.

In the other hand, as people are preparing to quit the US dollar, US is strategizing how to make their fiat to continue to dominate. In as much as the world politics is concerned, their must be a leading power and leading currency, US will be this for so long.

BRICS is full of political value in it. The countries involved have goals in international trade politics. Before getting bored with the US Dollar currency, people will get bored with all fiat currencies if they want to dig deeper into how fiat currencies work.

The easiest concept for people to get bored with fiat currencies even in the countries involved in BRICS is the decline in the value of fiat currencies. If $1 can buy 1 glass of energy drink in the UK, it can buy 1 liter of oil in Indonesia. In the next two years, $1 will no longer be able to buy that item because it has increased.

All systems and concepts in banking are games.

Yes actually some media said that, this topic has been made several time on this board so I have done some research previously. These are some official statement saying that BRIC doesn't have the agenda to make their own common currency.

https://www.bloomberg.com/news/articles/2023-07-05/brics-has-no-immediate-plan-for-a-currency-cfo-of-its-bank-says
https://www.reuters.com/markets/currencies/what-is-brics-currency-could-one-be-adopted-2023-08-23/

In my opinion some media take a statement on BRIC summit by Brazilian president that said no country should be forced to used USD for transaction if they don't (want to) use it, and then those media jump into conclusion that BRIC is going to make their own currency. But then when the media ask about the matters directly to Brazil President the clearly denies that.

For a long time, many countries have realized that only the USD cannot be separated from its attachment to the USD being too strong. Indeed, it is an independent country, but the dollar is the country's global benchmark in global transactions. Perhaps only a small number of people know why global transactions require dollars even though all countries have their own currencies. The solution should be for countries to carry out international transactions using gold or bitcoin.

But what is happening now is against the dollar. Countries that oppose the US make BRICS the eyes of the world. That the US and its Allies have made their currency a weapon. Storing state assets in US and allied banks can be frozen at any time if a country does not comply. The countries that are members of the BRICS are starting to get bored and want to abandon transactions using Dollars or Euros, a big move to save this country from pressure from America and its allies. Even though it will take a long time, I think there will come a time when the dollar will be abandoned and will no longer be a currency for international transactions.

It has became the standard of many countries and with BRICS, I think that it's going to take time with the Chinese Yuan being their main standard and flag bearer of this alliance.

I am for any change that's going to be beneficial for most people but as much as I can see, there's no clear winner here if the concern is all about the people.

These interests are just for their superpowers, economical boasts and status although citizens are affected but it's not all about the people.

I don't buy the idea of BRICS countries creating a decentralized currency to replace the US dollar,their aim is to reduce the dependency and reliance of citizens on the usage of the US dollar.

The US dollar is still by far the most used currency and remains capable for conducting international businesses.My question is which better alternative can be reliable as the US dollar because If the new currency is not seen as being as stable or as liquid as the dollar, it could lead to economic instability and hinder financial transactions.Therefore it can lead to a big global economical crash which will make some countries find it difficult to regain their financial/economical stability.

Indeed, to replace the Dollar takes a very long time. But even if the US USD is no longer a global currency. As a non-American, I don't see any problem at all, in fact I think this is a good breakthrough for the freedom of a country that no longer depends on the dollar, can use its own currency. BRISC is here to destroy the dollar monopoly system, because the dollar is one of the biggest reasons America has become a global superpower. Simply put, if the US dollar is no longer the most desired currency in the world, then the US will no longer be able to print money for free and suddenly its grip on global trade and politics loosens.

I also don't have a problem if BRICS is able to displace the US dollar in the world trade and political arena so that almost all countries in the world will also see how this new condition occurs and the benefits will be felt by many people. But because the US dollar is firmly entrenched in the global trade and political sectors, of course the BRICS need time to fight to be able to shift the US dollar to all global sectors that have existed so far.

I do agree that it is not going to be benefiting other nations when they use the dollar, but also the power of dollar came from the fact that it was a stable currency. In a world with so many nations that had destabilization, dollar was the single currency they knew they could count on.

Now I am not saying dollar is destabilized, because it is still the most powerful currency in the world, but also need to realize that they printed almost 50% of the dollars in the world at the last 5 years or so. That ain't normal for dollar standards, that changes things. This could make the developing or underdeveloped nations look out for BRICS currency, only if they can benefit from it, if they can't, then there is no point in changing teams at this moment.

Although BRICS is thinking about launching its currency, the success of this happening is very limited because China is opting for the Yuan to trade, and so are the other main members.
The chances are that at some point in the future, the dollar's monopoly might get challenged, but they will not replace the USD until and unless there is a centralized currency for trade between the member nations.

This is where I think China has more than just an agenda in making the Yuan the BRICS currency for now. It makes sense still, but targeting it at the dollar so as to destroy any monopolistic plan behind the worlds dependence on the use of dollar for transactions, is one good way to combat its economic control over the world countries.

Shouldn't a new currency be created instead to be used as BRICS currency?

Sorry to say, I see no valid point here. You are the one who says that the global economy is being affected, are the BRICS not affected too? How can they now be the Messiah? You also said that cryptocurrency fees are high, even though it is that of BTC and Ethereum I can point to at the moment, so how is it saving the world again? Well, there is no miracle the BRICS would do, and mind you, many countries in the organization are also with the US alliance organizations, so there is nothing special about BRICS. It was only formed as to weaken the world power of the US and the Western allys which I believe seems to be working but it will not work since most of the countries there will only do double standard and some would be in core alliance with BRICS over time while others will be for the US organizationd of old.

But for the cryptocurrency, I think it is not as easy as you say, it has been used by many of the countries that are sanctionrd by the US and the Western allys but no country can entirely try cryptocurrency if they want their economy to grow. And if they create their own digital currency on a blockchain, it can't be as trustworthy for other countries since they will centralize it. That makes cryptocurrency to be problematic for them on its own.

There is a possibility but I doubt that it will happen anytime soon.

Remember that USA is a hegemonic country- it has complete and absolute power over the value of its Dollar from all over the world. If you consider all other currencies, Dollar is the most dominant and consistent as its value retains or increases on some countries.

The only way that I think that can weaken the dollar is when countries will prohibit its transaction and circulation. Another thing, if you close its trade markets with international countries and companies, this will severely weaken its value, thereby another currency will take over.

While this situations may happen, I doubt that it will happen in the near future given that USA is still the dominant country in the whole world. They have access to at least everything when it comes to economic crisis, political wars, etc.

Probably. I can see the whole world gravitating towards other currencies on the market now that the US Dollar's showing signs of weakness but at the same time, it will take an enormous amount of time and power for the whole planet to actually be influenced into switching to another currency, and even then the topic of what currency they're going to replace the USD with is going to be up there, which I also suspect is the very reason why they haven't gone so far as to implement such strategies yet.

The Chinese Yuan is a good candidate for this, but the fact that they keep only to themselves and artificially deflate their economy by not allowing their 1% to cash out on their Chinese Yuan earnings would make it moot. Ruble is out of the discussion, and so is the British Pound. Dinar and Saudi's national currency could be great candidates for all I know but further research is needed to back this statement.

Actually, you would be surprised on how much of control the United States has lost over the value of their currency, Thurs why they have tried to regain some of that control through the use of increasing interest rates.
Though, I agree with you that a complete replacement of the USD as a global currency is very unlikely to happen any time soon. Countries around the world have no intention or reason to ban the use of USd and exclude themselves off International Trading and commerce.

Even if BRICS decides to issue their own currency, they would have a long path ahead before accumulating the same degree of confidence and widespread use the USD has nowadays.
I don't know why so many people has been suggesting the end is near for the USA dollar, when it has managed to survive prior economical and political crises.

Fiat will eventually fail. The problem is they're trying to use inflation to "inflate away" the debt, but actual markets can only deal with that for so long. They have the money printer; we don't.

No I don't think so. The large part of BRICS countries trading directly among each other's using their own currencies makes sense. Why exchange something first into dollars and then back again? The motivation here is that the BRICS will trade more with each other and that the money they exchange will eventually be netted out. It just doesn't make any sense for the rest of the world to trade in BRICS currency, if they only buy a few things like commodities from them. Especially for western countries there would be a huge political backlash if they would suddenly accept large amounts of BRICS money, because either the money is not flowing freely and controlled by the government, or the whole government is not democratic enough. You can't promote and enforce laws at home and then turn a blind eye towards other countries. The only real alternative that would take over as the number one currency in the world to settle trade needs to be completely free.

Trade is direct, but most of the mutual settlements are in DOLLARS. They even calculate financial indicators in dollars :)
"Foreign trade turnover - $755.4 billion, including exports - $384.9 billion and imports - $370.5 billion."

Why do you think? The answer is extremely simple - because turnover in dollars is indicative, because it is an indicator of value. But for example, in the yuan, giving such indicators is numbers that no one understands and cannot be compared with anything.

By the way, let me remind you that in the global economy, where the dollar is the main currency, trade between countries is also direct. But the unit of calculation is the dollar, because... it is stable, transparent and you can buy any product on the world market for a dollar. Tell me, for example, what can you buy for yuan from India? :)

That is delusional. FIAT is the one ingredient that makes society possible. 

It's a good thing if Bitcoin will be adopted globally. Add in if it became a legal tender. I am sure people are now going to use it directly. There is no conversion needed because IMO Bitcoin is better than any other currencies out there.

For now, I think many BTC users will convert their BTC to their own local currency, if they prefer to cash out it. There is no need to convert it to dollars first if they are not in the US countries because that will only be an added cost (you know the transaction fees when making each transaction). It's only okay if the fees are small but nowadays, it was high. For some, it's indeed that crypto is only an extra payment method. They don't see this as a replacement for the other.

The world needs larger degree of polarity to get rid of US dollar which seem more possible now than ever.
US has created a rigged financial system around the world that benefits itself with IMF and World Bank. In contemporary time, they are so desperate about getting money without doing any hardwork that they repeatedly disobeys the rule they have created.
This is leading to a multipolar world order where the financial treaties and valuation occurs bilaterally  or regionally. Not a currency would be accepted everywhere. And in those time of uncertainty, crypto would bridge the economies wherever it can.

USA is still the dominant power in the world but they are not unchallenged anymore. Not in economically or militarily. China emerges as one of the most influential actions alongside russia and their growth seems unstoppable. Also asian subcontinent is going to be the next financial hub of the world so there is a chance that most of the country in this region will agree on using their own currencies for cross border payments. I won't be surprise if they issue a common currencies that will be use for any kind of international trade.

I keep seeing anti-US and anti-USD threads regularly in this board these days which seem silly to a certain extent in my honest opinion since the US and USD aren't losing their respective dominant statuses anytime soon.

Anyone saying otherwise are just deluding themselves into believing the opposite frankly speaking.

What do you mean by crypto transactions fees has increased? Is that suppose to be a green flag for crypto adoption or what because the banks charges are the reason why we want crypto to replace the transactions of the banks but the fees are discouraging especially what has been happening aroung bitcoin mempool and the spamming of the network where it is difficult to do transactions. However, if you are trying to say that the crypto transactions has increased, then I will say that is true and it is because the investors has increased as more troop into crypto in every bullrun.


I'm not sure if you have heard ECOWAS, it's a coalition of different countries across Africa with common goals but today, many of them has left because there is no benefits as some of them expected from the beginning and it has deviated from the vision of the body, don't be surprise if BRICS turn out to be the same thing. It is understandable that they are still new and they are making names because we have so many bad world economy situation but to me, I see this as noise and nothing serious. They might do some of their plans but save all this their noise, they don't have much to give to the world.

US dollar will remain a top tier, perhaps another currency will fight in the future but I don't think it is going anywhere soon. There are many memorandum that is still holding US relationship with many countries, any of them that tried to walk away will feel the pressure from them because US is smart for that matter, they only give you a deal that will only make you to beg them and stick to them for years and many decades.

They are definitely trying to do it for that reason, there is no denying that at all, but that doesn't mean that we are going to end up with anything like that, it just doesn't work that way at all.

I believe that it would be smart to just avoid any type of confusion, it just doesn't feel that way, it doesn't really feel that smart in the end, I believe that we are going to end up with some trouble one way or another if we are not careful and should be doing it for the better. I know that people think that this BRICS currency could maybe take some of the share, but they are already big nations, what makes people think that when all those together using one currency instead of a few, would make any difference? Not like they were all using the dollar before.

Not to mention that they have made regulations regarding cooperation built in trade areas that involve payments using dollars, they have a policy of buying other products using certain currencies, but there is no opportunity for other countries to buy their products using payments using their own currency. Therefore, the dollar's strength is more complex, so it is difficult for their dominance to just collapse.

The power of the dollar is also considered to be very strong because they open up more influence in other countries both in terms of politics, military and other sectors and perhaps there are many readings that we need to see why the dollar is so dominant. An attempt to dethrone the dollar from currency influence is highly unlikely and I think it would be quite difficult to do.

You can issue currency too :) The question is - who will accept it if it is, for example, a currency that will be accepted for payment only, for example, in China and a couple of other countries? Will they be forced to use it? HOW ?
Well, and most importantly, the objective situation is such that China is beginning to lose ground, although I agree that it is still moving by inertia. But internal problems, political conflicts, dependence on Western markets and technologies do not create a “bright future” for China.

Inflation is currently a global issue, though it is worse off in underdeveloped countries and regions that have an unstable economy, too many governments around the world have been printing money out of thin air since the period of Covid-19 in order to solve short term problems and create long term inflation.

Notwithstanding all of these, fiat isn't going to fail, at least not the fiat currencies of countries with a stable and healthy economy, as for the countries that do not have a viable economy and with a currency that is as good as worthless, they will probably end up adopting a stronger fiat currency, like the U.S. dollar for example, as many countries do already.

The world's changing, right? USA isn't the only big player now. China, Russia, and the whole Asian scene are shaking things up. They might even come up with their own currency for global trade and we just cant stop to imagine that

They can make it up. Although they already have their own currencies, but they don't accept them for international trade..... world market :)
What will the new ones change, like yubli and ruani ?!! :)
International trade currency is an asset that is ACCEPTED and in which other market participants are INTERESTED ! Economy is not "invent your own new currency", it is much more complicated, and as a minimum for this it is necessary to have a status commensurate with the United States or the European Union.
And who are China and Russia?
China is a country with export-oriented economy, dependent on Western investments, technologies and consumption market.
Russia is a third world country with raw material economy and completely fake statuses :)

People are too lousy these days with the remark that "fiat will fail," but how? Will they now be using your currency? It's time that people should reason and not just say something. If you say that the USD will fail, you might still have a point, and even at that, I mean fail as the world reserve currency. But saying the entire fiat will fail is just an aberration, it will not be possible. Okay, if fiat fails, will it be Bitcoin the world will turn to? That is not a wise thought, no country will want a decentralised asset as their only currency/legal tender. It is not only dangerous for security but also for their economy. As many would always say Bitcoin should be the world reserve currency, but in reality, Bitcoin can't fit in properly due to its characteristics, even the 21 million circulation restriction is a problem itself for it. If at all the world is trying to revolutionise, they will go for the CBDC which is still not what many of you would think. Each country would have its own and not that they will work with Bitcoin or the existing cryptocurrency that they can't control. They will make theirs centralized, and the world might then want to have the general one in place of the USD with time.

This is such baseless I mean if fiat fails what will replace it and why do fiat will even fail in the first place? You may say a particular currency is failing which we have seen in the past but don't generalize fiat and as long as country is ruled by government and not by crypto enthusiast. Let's say even if fiat is replaced by something else what would and who would replace fiat and how it's value will be measured? What will be the holding which guarantees the value of post fiat era? Let's not spread too much of negativity and yeah USD's dominance will be reduced especially after what's cooking up with BRICS nations about using their local currency for trade.

I doubt that, I mean most third world countries currencies are practically worthless, they largely depend on the US Dollar to survive, not to mention the dwindling state of the economy. In these countries, US dollars plays a very important role in determining the economic growth since they some how tied, so the idea of such countries becoming tired of us dollars will largely depend on their ability to stand on their two feet and cut out the dependant on international aid and loans. If this hasn't happened, US dollars will continue to reign supreme.

Please remember, this is just my personal assumption, so what I say is what I think right now
I think yes, the purpose of creating Brics Sara Rasa is that these countries want to be free from the dollar and want new things in the world to not be tied to the US dollar anymore as a means of foreign buying and selling transactions, even some countries use the Chinese currency yuan to keep them rich. Sara, if you want to get away from the US dollar, Bitcoin and Brics are the right choice
what do you think, correct me if I'm wrong

It seems so. Although, I'd say we're still early too see the USD collapse. Despite the recent turmoil, the FED has managed to retain the USD's position as the leading currency of the world (thanks to its policies). But rising national debt is what worries most, as it could lead to hyperinflation in the future. Some countries (China, Russia) has gone as far as increasing their Gold reserves to protect themselves from a USD collapse. They're even ditching the "greenback" in favor of other Fiat currencies.

The more countries abandon the USD, the faster the US hegemony will end. Either BRICS' currency or Bitcoin will become the world's next reserve currency. Whatever happens in the future, you can rest assured human society will carry along as usual. Just my thoughts ;D

Fiat, that is, the national money of each state, will exist as long as the states themselves exist. Fiat may change, experience difficulties, strengthen or fall in purchasing power, but it will exist.
If someone is tired of the dollar, they can always use national money. Nobody forces anyone to use the dollar. But if the majority chooses the dollar, it means it is more competitive compared to other world currencies.

I highly doubt it.

People have been saying that the US dollar will become less of a reserve currency globally for decades now. And its status has simply not changed. And it's not going to until there is a system reset worldwide where all fiat depreciate in value.

In that instance, I don't think that the replacement would be any other fiat currency either, no matter how strong their economy may be. It is almost guaranteed to be a cryptocurrency, and BTC is the most obvious candidate at the moment.

 I mean look at what it took for the US to take over Pound Sterling of Great Britain and replace it with The United States Dollar, a world war and an entire people were at risk in the making of that. That is some serious SH#^$&* for that to happen. The thing that is backing the US mostly is the military , which ours is like 10 times larger than the next? idk but its bigger by a decent margin than any other country for sure....

In reality, the world is still very dependent on the dollar, for example in the aspect of international trade. Indeed, the BRICS Countries are doing this as an effort to reduce dependency and we must respect that too. Regarding the relevance of the BRICS cryptocurrency, I think that as long as there is supply and demand in the cryptocurrency market, it will work and on the other hand it requires strong cooperation and coordination so that it can run according to the initial goals.

I think the US has more gold reserve that's worth more than the amount of military it has.
The dollar has strong influence in many countries despite the Euro dominance, hence why it is of consequence to any country that abandons it because they would find it hard to conclude any international trade.
The BRICS currency is just to as rightly said, to reduce the influence of the dollar power over major country economies as well as to create a balance where the local fiat will become of value in exchange for the Yen.

The dollar gives a competitive advantage to the US that it can be hard to grasp, then it is clear that other countries will not like this as it is as if they have to work twice as hard to get half of the results, so a commercial alliance to try to become less dependent on the dollar was going to appear sooner or later, however while the US is a single entity, BRICS is a coalition of different countries, with each one trying to look for their own interests, a matter that reduces its effectiveness in a very significant way.

Empires are not meant to last forever. The Roman Empire was thought to be "invincible", only to be defeated by barbarians. I believe the same fate awaits the US in the long run. Slowly but surely, the US Dollar will lose its position as the reserve currency of the world.

The "de-dollarization" process has already begun. Add to that the rising national debt of trillions of USD, and you will realize that the collapse of American hegemony is imminent. Maybe it won't happen during our lifetimes. But it will happen sooner or later. The question is: How prepared the world is after a sudden collapse of the US Dollar? ;D

I've been hearing the dollar is going to be replaced as the worlds reserve currency for years and years now.  Here's the short and skinny, the United States has the worlds best economy, hands down, non-debatable.  The worlds number two economy is China, whom certainly does import and especially export a lot of goods and services..but they lie about their numbers and everything else for that matter and everyone knows it.  China's best buddies are Russia and North Korea...so what's that tell you.  The Yuan sure a shit won't become the reserve currency.  So which nation would replace it with their currency?  Please..the US dollar isn't losing that title anytime soon.  (I may be from the US, but I don't think this is the best country in the world by a long shot, so there's no bias here)

Paper money is gradually losing interest because it turns out to be more complicated than using digital currency. I can't mention cryptocurrency right now because in my country, the cashless culture is indeed growing, but not for cryptocurrency, rather for cashless FIAT.

Gadgets and cards have become a very common culture. Payment using QR codes or simply tapping a card is simpler and doesn't require waiting for change. There's minimal risk of calculation errors, and it really spoils money users.

USD seems to be transitioning first into digital USD. And the transition from digital USD to cryptocurrency will take a long time. I would really like it if BRICS could push USD to evolve quickly.... this would also accelerate cryptocurrency adoption once the world starts getting used to digitalization.

one day the world will inevitably have to prepare to face this, remembering that it is true that nothing is eternal, for example we have to change our behavior during a pandemic, and everyone must be able to survive to earn income to support their survival, even though it is difficult , but until now in fact many have been able to survive, and provide new habits, where we are now used to the online system

Yes, It's very obvious that most countries around the world expecially the brics nations are no longer using dollars to trade again, due to the fact that most of them knows that the American are now using it as a weapon against countries around the world that doesn't do their bidings, and to me this is the beginning of the end of the dollar dominance in world trade, because when the brics nations finally launch the brics currency,  the us dollar would not be needed anymore by the brics nations, even now, they have stop using the us dollar, so the dedollarization process is already on now.

The world might change USD with a new currency because empires never last forever and America will fall but the problem is that the world significantly depends on USD and it will be painful to change it with something different. For example, in my country we have a national currency but we value things in USD, we trade in USD when we want to buy or sell a house, car, smartphone or etc. We all value Bitcoin in USD, which should give everyone a good answer. When we want to convert bitcoin to national currency, we might directly see the price in national currency but it's firstly converted in USD and then from USD to national currency.
Process of changing USD with something new will be hard and painful because there will be a fight for leadership.

Weaponizing currencies was never a good idea. It adds more "fuel" to rising geopolitical tensions. Countries must work together to make our world a better place. I'm afraid the COVID-19 pandemic and wars have damaged the mainstream economy to a point beyond repair. The US has its days numbered due to ever-increasing national debt. With more countries abandoning the USD, it should only be a matter of time before American hegomony becomes history.

Instead of BRICS having its own currency, why not adopt Bitcoin instead? With some countries already adopting it as legal tender, there's a possibility Bitcoin will become the reserve currency of the world. That's assuming scaling and volatility issues are put down to rest. It's an uncertain future, so we can only hope for the best.  :-\

It will, believe me. Same thing happened to all the global reserve currencies before. Pounds, francs, reals, guldens they all are history as a global currency. Same fate awaits the US dollar, the question is not if but when... 

Currency weaponization is a bad game. But that the mainstream economy is irreparable? This is exaggerated. Resilient economies adapt. The US national debt is massive, but it won't end American dominion. Countries have recovered from adversity throughout history

Your Bitcoin plan? Visionary, not just viable. Countries adopting Bitcoin as legal tender is a brave move toward financial sovereignty and away from currency conflicts. Do not oversimplify. Making Bitcoin a worldwide reserve currency involves more than addressing scalability and volatility. It requires a paradigm shift in how governments value and trust digital assets

BRICS adopting Bitcoin? The notion is intriguing, yet it avoids consensus. Each member has its own economic objective, making a coordinated Bitcoin move difficult but not impossible. Can these nations choose global stability over personal gain? It's ambitious but possible. Bitcoin supporters want a decentralized future where financial power is spread, not concentrated

In terms of seeking strong cooperation and coordination between cryptocurrency and BRICS for the same goal, it will certainly not be easy because each party also has its own concept which should not be disturbed by the same goal. Although this must be done so that some or all countries no longer have dependence on the dollar currency in any way, including in terms of international trade.

Because when there are more currencies that are willing to be accepted into international trade, of course the dollar is no longer seen as the only currency that can be used in international trade. So the association of countries that are members of BRICS can respect each other's concepts so that their goals can run smoothly to shift the dependence of many countries on the dollar currency.

true and it shows the detachment of Poiticians to citizens

It's very logical, unfortunately governments are anti-Bitcoin by design. To them, Bitcoin means anarchy, tax evasion, money laundering and other crime. There are some pro-Bitcoin governments, mostly thanks to several personalities (like Nayib Bukele) who are Bitcoin hodlers themselves. But give Bitcoin some time and I'm sure it will become a global reserve currency eventually.

Governments are on the business of printing money and bitcoin is a competitor that affects them directly, as if they were to print more of their currency but a significant amount of people are holding bitcoin then they cannot use the inflation tax against them, so most governments will resist bitcoin, especially those that are the most powerful, fortunately many other countries will see in bitcoin an opportunity to bring investments to their country and they will be willing to accept losing some control just to bring so of that wealth to their territory, which is why I think bitcoin still has a bright future despite all the measures which governments around the world have taken against it.

The world has to get tired of the US dollar, but it also has to get tired of fiat currencies. Nothing changes for us if we replace one fiat currency with another... When elephants fight, the grass gets trampled more. Whether an elephant wins or loses does not mean anything to us. Of course, instead of one elephant being king, it is better if two elephants are of equal power and find a compromise, because then they won't fight temporarily and they won't hurt the grass. However, getting rid of the elephants should be our priority...

Its been a long time coming is what we can say for sure, I can bring up a video of France's leader post WW2 complaining about the amounts of excessive spending by USA in its space program vs USSR and how they would only take gold in great doubt at the long term value of Dollar.    That leader was proved right to a large extent as dollar notes have declined greatly yet Dollar is king still and backer of the global reserve system used by most nations central banks.

Control is a strong word in a free market economy.  The production by many countries is vital to the success of others but theres always some other nation who wants that business also.  Vietnam for example can undercut China production cost apparently, though cost is only one factor.  China has a falling working population which naturally forces up costs, India has great growth for some time in the future but the ability to harness that potential is an open question still.   Its never straightforward.

If we talk from the point of view of a person which values the complete decentralization of economy, then yes. Getting rid of Fiat as an applied economical concept in your nations and in the international market would be an ideal scenario, though in real life the ideal scenarios barely happen and are very difficult to find or reach.
What I am personally expecting to happen is Bitcoin and other alternative currencies to co-exist with the traditional assets and Fiats on the long term; governments are not willing to lose control over the macroeconomcal factors which influence on the value of goods and services, to accelerate or deaccelerate inflation in society, etc. I would be even willing to theorize those governments with a very high local/public spending would not be even willing to break even if they did not have the ability to print more more or acquire more debt. It would take the price of Bitcoin to reach new high levels and those republics to heavily invest in mining infrastructure in order to continue to function and fun themselves, in a world where money is Bitcoin alone. They will never be willing to go through those situation, Thurs their antagonistic position on BTC and alternative currencies.

Which I believe. In the history of human civilization, no country's glory has lasted forever. The success of a country always ends in collapse, whether due to political, economic factors, natural disasters and so on. Now the signs are in America.

Indeed, currently the US is strong because of the dollar. There is currently little discourse in some countries about the impact of the dollar. The symptoms are starting to be felt, especially if all countries start joining BRICS and start abandoning the dollar. Is the US still strong enough to impose an embargo and become the world's policeman with the power of the dollar? because all countries need dollars, exports and imports use dollars. Therefore, the US arbitrarily imposes an embargo if a country does not comply.

So I believe the dominance of the dollar will end because many countries are fed up with the dollar monopoly system.

Exactly. Empires rise and fall. The US is no exception. We're already seeing countries moving away from the USD. The Biden administration has accelerated the process by weaponizing the currency. Without strong support from leading countries, the USD will eventually lose its position as the reserve currency of the world. This could take a few years or decades to happen.

My guess is that either Bitcoin, the Euro, or the Chinese Yuan will take over the world as the world's next reserve currency. The question is: Are we ready for this change? No one can predict the future, so lets hope for the best. :)

One simple question - why would normal countries move away from a stable and secured dollar that is guaranteed to be accepted by the whole world for payment ?
Euro is a good currency, but it has many problems - the EU is not homogeneous, and has a lot of economies that create "ballast". The purpose of the ecu/euro was not so much to fight the dollar as to unify payments in Europe. Chinese yuan ? Don't be ridiculous - the Chinese economy is in a very difficult situation with a very bad outlook. Bitcoin ? Never a decentralized currency system will become international. It is simply not profitable for the world economy to switch to a basket of multi-currencies, especially dubious ones like the yuan. There may be settlements in national currencies between some countries/unions, for internal settlements, but the world market works on the dollar, and there is no substitute for it yet

Vietnam can undercut China's production cost but Vietnam doesn't have as much experience in production as China has. Besides costs, we have to consider that factories are already built in China which is another investment and will Vietnamese workers be able to work as fast as Chinese workers do? Companies will have to invest money to improve the skills of Vietnamese workers. China has an advantage over other countries that will be hard to take from them.

Because they don't want to be under the influence of America. It's a huge mechanism of control. Tell me a single reason why dollar, a paper is better than gold standard?

We know civilizations emerge and fall from history. However, examining the dollar's dominance reveals worldwide economic interdependence. The dollar is more than currency - it underpins the financial system. However, reliance fosters resentment, which complicates matters. Nations gathering around BRICS? That's strategic pivot, not guesswork. Not only "fed up" - they want autonomy. No doubt, the U.S. has led the world economy with the dollar. But every tool has limits, including the dollar

Your take on economic leverage and embargoes? Right on. Power dynamics change. How and when the dollar's supremacy will decline is the question. The U.S. must adjust as countries diversify away from the dollar. No giant is falling, but the global economy is changing. Adaptability and resilience are key

The world can never get tired of the dollar,the dollar has put it self in a level that it's part of the world's reserved currency.its accepted in so many countries in the world, which the us government has been a lender of the dollar to so many countries over decades.and it has been part of the world's currency for trading.so feel it going to be hard to get tired of the dollar.

Wonderful answer, thank you so much for it ! In a way I was waiting for it :)
One question and one clarification then:
1. Can you give arguments in favor of your assumption about "they don't want to be under the influence of America" ?
How do you think the EU's dependence on the US manifests itself, when settling on the world market in dollars and Euros ?   Let me make it clear - the Euro is a freely convertible currency, not pegged to the dollar :)

2. About paper and gold - I absolutely agree with you. But one question - how in the modern world to make sure that countries have declared gold reserves? China and Russia, for example, constantly declare that they buy it in huge quantities, but ... all information on gold reserves (and other key indicators) is CLOSED. In China for 15 years, in Russia for the last 2 years they have classified most of the figures.... How will you confirm the "gold standard" if it's all gold only on paper ? Very interesting to hear the conceptual model of auditing gold reserves, at least in the above countries !

The world has already become tired of the US dollar.

It is a tool that the US uses to siphon money from other countries economies. And that is really one of the only things keeping the US afloat. They produce nothing, export nothing and use military might to enforce, unjustly, the hegemony they have over the worlds economy. Remember what happens when some country tries to break free of the dollar and replace it with a gold-back currency? The US military invades and makes sure that that does not happen.

The answer is not a BRICs currency nor cryptocurrencies (as in altcoins) but rather Bitcoin itself is the only thing that can save the world.

Bitcoin needs to be the only world currency. No one country can have control over or abuse it.

1. Plants, from the point of view of investments have already paid for themselves long ago, so their "loss" will not bring losses, and to be more precise - it will not require maintenance and amortization costs of these facilities, so the cost of building new enterprises in Vietnam will be commensurate with the cost of maintenance of obsolete ones in China.
2. Vietnamese workers are no different from Chinese workers - if they want to work, they work. The only nuance is that in the past Vietnam invested more in the development of the light industry sector, but in recent decades - began to invest in the production of technological goods.
3. So far you only speak in "slogans", but you have not explained the very essence of dependence and examples. Dependence is when you can't do anything and have to use one solution. In a sense, it is "systemic drug addiction" when the body cannot live without a drug and has to do everything to get it. Question - give an example of such dependence of economies or financial systems, countries, which in your opinion want to get away from "dependence" ?

The Egypt has announced to have abandoned dollar for international trade and I think this is a good move after what I have learn from my country Nigeria. There is a big disadvantages of using dollar to settle trade in many African countries and I think Egypt are tired of the manipulation that has been going on particularly how it makes the economy to dollarize, it makes your own currency to be useless because people see dollar as superior currency over the traditional currency and if this happens to be in demand, there is high risk of the country getting into hyperinflation in the future.

I don't know why I see BRICS so similar to ECOWAS( economy community of west African states), it has been on existence for long but some countries has pulled out, like the Mali, Niger  and Burkina Faso has pulled out after coup of military, they feel their leaders are not doing anything positive despite been their, a time will come when others will complain of not been favour by BRICS and will pull out one day.

Bitcoin is the ideal replacement of Fiat. But so far, the world hasn't moved away from banks. As long as these corrupt financial institutions exist, don't expect BTC to go anywhere soon.

Like it or not, the USD will eventually lose its luster as the reserve currency of the world. Which Fiat currency will take its place in the future, is an excellent question. I wouldn't worry about this as long as the global economy goes back to normal. Maybe BTC will get to live alongside Fiat for generations? ;D

Egypt receives billions a year in funding via the dollar, I know they do price fixing and generally struggle to balance the economy with stability but I seriously doubt a regime so closely related to dollars would be the first to be stepping away in any significant way.
   I'd like to think no FIAT will take over from Dollar not to the extent we have it now.  This should be the peak of reliance on political debt monetized promissory notes, the high tide mark of scummy currency that impoverishes the hard working common people.    I'd like to think that but I dont know its indicated right now just people hoping saying it has to fall over.   Any big change at this point would be like an earthquake in  its disruption and a change absent of any smoothness I think.

You should read what the US can do with the $:

https://www.economist.com/finance-and-economics/2024/04/10/would-america-dare-to-bring-down-a-chinese-bank
To get past the paywall use https://archive.is/

The article narrates the power of sanctions in the finance sector, the very sector where countries get hurt.
Then there is something called: vorauseilender Gehorsam, loosely translated to boot-liking. 

You should read what the US can do with the $:

https://www.economist.com/finance-and-economics/2024/04/10/would-america-dare-to-bring-down-a-chinese-bank

They don't even need to do a thing, with the real estate crashing China will get itself in trouble, the US just needs time and patience.
Look at everybody here screaming how the dollar is dead, now if you ask them the price of one bitcoin in uran, ruble, rial, rupee...they would not know a thing!



The US produces nothing....lol!
They all just print money and that's it, funny how do you explain this:
https://en.wikipedia.org/wiki/List_of_countries_by_exports

China           3,715,827   
United States   3,011,859   

Everything is produced in China, the US produces nothing but somehow by god knows what miracle China's total exports are barely 33% higher than the US, with 1.4 billion people compared to 300 million!


Yeah lol, they diversify...

https://www.talkimg.com/images/2024/04/12/jnaod.png

So Brics currencies are 2% and G7 are 88%!
Welcome diversification!

Exactly. It's going to take ages before the world completely abandons the USD. Despite signs that the currency is weakening, other currencies are faring worse. Not even BRICS has been able to create an alternative currency that would compete against the US Dollar. The "de-dollarization" process doesn't happen overnight. Slowly but surely, the USD will lose traction until another currency takes its place as the world's reserve currency.

There are theories as to which will be the USD's replacement in the future. I'd be surprised if it happens to be Bitcoin, especially when people are losing faith on central banks and the government. El Salvador already declared BTC as legal tender, while Argentina's president Javier Milei proposed to shut down the central bank and use Bitcoin. Is this a sign that Fiat currencies like the USD and EUR will die soon? :)

Election promises rarely translate into reality, has he done it so far?
San Salvador uses Bitcoin alongside with their local currency plus the $ I think.

I don't know, I am no economist. How do you explain that the US only has 31.6% more export than Germany, but around 4 times the population size? Thats roughly (~4.23x) about as much as the ratio of China's population to US population.

When is the last time anyone outside of the US saw a 'made in USA' product? And I would rather have China quality over US quality.

Pretty simple, internal EU trade, the numbers change radically if you consider the EU as a whole.
I work in logistics, it's pretty normal to have components shipped from Romania or Hungary, assembled in the Czech Republic and then have the machine delivered to France, and not a surprise to have pieces shipped from Germany to Poland and then the full machine then imported back in Germany.
Since the EEU is completely different than anything in this world when it comes to trade you would have to consider the entire EU and only outside of EU trade.

The total trade of the EU is bigger than China and the US combined, but only external trade is just 2.5 billion!


Yeah right!
Reminded me when Iran buried their top general killed in a US strike after parading his coffin in a Chevy Silverado and his daughter was taking pictures with an Iphone!
All the way chatting death to America!

The Chevy Silverado which when it had 500k km and a faulty engine was passed down from a rich country to a poor country and then to a poorer country once it was nearing the end? Same thing as with the IPhone. I have seen bums running around with refurbished IPhones in third world countries. Luxury is becoming meaningless, as I see it. Or rather "the newest thing" is only considered a luxury for a short amount of time because it stops being 'new' at some point.

I know that there are a lot of nations all around the world who gets "investments" in us dollar, for being an ally basically. That is a good thing of course for those nations, all you have to do is not go against the USA, and to be fair most of the time there is really no reason to go against them anyway, why would you want to go against them if there is no real reason?

I would understand why that would be a bad thing if you wanted to go against what they are saying and you can't because of the money, but if there is nothing wrong then acting as if you are an ally works. This is why I think we should consider US dollar to be a way to get all these nations together, if BRICS or whatever can replicate that, it would work for them too.

I’m quite confused as to how a world can be tired of the us dollar? Despite being in quite a crisis, the us dollar remains strong.

There are various factors to consider if BRICS currency were to overtake the us dollar which is completely different if we were to talk about cryptocurrencies. While both currencies present quite a positive potential in terms of the world economy, we can not deny that the us dollar would be in position for quite longer.

Countries in the Saudi Arabian region have good financial strength so they can launch the crazy projects they want to do. Countries in this region can be said to be rich and they can do anything to just build luxurious and magnificent buildings. But my question is, can they fight against the dominance of the US dollar and what steps will they take if they want to look strong? There are many challenges that will be faced when you want to fight against dollar domination and I think very few countries dare to challenge them now.

What can be done even though many countries are starting to get bored with the US dollar because they are in control in many aspects. If a country does not have a source of wealth then fighting US domination is impossible and the country will most likely cause problems. Just look at countries that dare to challenge the dollar's dominance and if the country's finances are bad they will have even more problems.

Exactly. Politicians usually lie to get the attention of voters. Argentina's President Javier Milei hasn't been able to keep up with his promise of abolishing the central bank and declare BTC as legal tender. Not even the dollarization of the Argentine economy (through the USD) has been accomplished. El Salvador might've been the first country to adopt BTC as legal tender, but it still uses the USD for day-to-day payments. I guess it's too early for countries to completely abandon the USD.

Rest assured that the time will come when the USD loses traction as the reserve currency of the world. Rising US national debt, and constant money printing (inflation) should lead us there faster than we've previously imagined. The real question would be: Which currency will replace the USD in the future? :)

USD will still be used. i don't think anyone can remove it as a major currency especially now that we have USDT and the rest of the stablecoins. El Salvador still uses USD along with BTC, if they start using Yuan, i bet the US officials will fly there for regime change.

eventually, everyone in the future will be using stablecoins and maybe the Euro, Rial, Ruble, Yuan, and Peso and all the rest of the currencies will have their stablecoin. but there will still be dominance for USD particularly in America.

In the timebeing. But a collapse is inevitable. Especially when nothing lasts forever. We're already witnessing the decline of America with politicians' actions. The "de-dollarization" of the world's economy is a process that will take quite some time before it materializes (slow and steady pace).

I believe rising US national debt, and the funding of wars will lead America towards its complete demise. Trillions of dollars (USD) have been wasted ever since the COVID-19 pandemic took the world by storm. Who's to say China and/or Russia will establish a "New World Order" in the future? I'd bet the new reserve currency will be one of their own. It'll be a "miracle" if BTC becomes the world's next reserve currency. We can't predict the future, so lets hope for the best. ;)

Countries can decide not to use the use dollar anymore they can decide to use any currency or even gold in replacement of dollar so it left for countries to choose if they want to continue with the usage of dollar or not, not all countries use dollar as there foreign reserves. True that dollar is strong but the question is for how long with time things will later change. And for ages people have given much value to dollar to much and it will not continue like that for long. Especially Africa countries they have fully dependent on dollar so for now no choice but to continue using it. It usage is already part of the economy.