The dollar's dominance would face a threat unlike any other from a BRICS currency, former White House economist says

Tue, 04/25/2023 - 13:36

BRICS countries leaders Xi Jinping, Vladimir Putin, Jair Bolsonaro, Narendra Modi, and Cyril Ramaphosa — Chinese President Xi Jinping, Russian President Vladimir Putin, then-Brazilian President Jair Bolsonaro, Indian Prime Minister Narendra Modi, and South African President Cyril Ramaphosa in 2019.
Sputnik/Alexey Nikolsky/Kremlin via Reuters

A BRICS currency would be a serious threat to the dollar, a former White House adviser said.
As members are geographically diverse and large, others would be willing to use the currency.
"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world's other currency unions."

De-dollarization could become a reality as a BRICS alternative to the dollar could enjoy high prospects for success, a former White House adviser said.