A total of 9 countries have mutually agreed to accept the BRICS currency even before the tender is launched into the market. This gives the 10-member bloc mileage and confidence that their tender could spread across the financial landscape post-launch. The alliance is eager to reduce US dollar dependency and is spearheading the de-dollarization campaign.
BRICS Currency: 9 Countries Show Support, Strengthening Unity
9 countries from the ASEAN alliance have agreed to use the BRICS currency whenever it makes its debut in the global markets. The BRICS bloc is leveraging the growing discontentment against the US and is pushing its ideology forward. China and Russia have been aggressively pursuing de-dollarization, convincing other countries to reduce reliance on the reserve currency. Their ideology has been influenced by the unruly foreign policy coming from the White House for decades.
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The 9 countries that have agreed to use the BRICS currency post its release are:
- Brunei
- Cambodia
- Laos
- Malaysia
- Myanmar
- Philippines
- Singapore
- Thailand
- Vietnam
Indonesia was also a part of ASEAN, but is now an official BRICS member and will accept the currency. Therefore, in total, close to 19 countries could trade in the new tender when it’s out in the market. If we begin to include the Partner Countries, the list could spike further. There are a total of 13 Partner Countries, and there are high chances they could join the de-dollarization bandwagon.
All these developments point towards the declining confidence in the US dollar. Emerging economies are looking to expand their economies without having to depend on the USD. The move is slowly tilting the global financial power from the West to the East. The launch of a BRICS currency could immensely change the way the world settles payments and cross-border transactions.
