Russian Foreign Minister Sergey Lavrov confirmed that BRICS is in the process of launching an alternative trading platform. The alliance is accelerating the de-dollarization process by excluding the US dollar for cross-border transactions. “The trend towards creating alternative platforms and payment and other logistics mechanisms necessary for normal trade is ongoing,” he said.

BRICS launching a new trading platform to settle payments could reform the financial sector. The alliance has been warning the US not to weaponize the US dollar or face consequences. Emerging economies are exploring local currencies as the primary payment, not the US dollar. The global trade could experience a tangible shift where developing countries could call the shots.

Also Read: New Zealand Must Apply For BRICS Membership, Urges Professor

BRICS Alternative Trading Platform Could Dethrone the US Dollar

brics summit 2023 leaders
Source: theconversation.com

Lavrov revealed that the upcoming BRICS trading platform could uproot the dominance of the US dollar. He also hit at US President Donald Trump for enabling the decline of the dollar. “Trump said that Biden, with his actions regarding the dollar, was causing colossal harm to Americans and their leading positions in the global financial system.”

“Now, unfortunately, those who are responsible for finances in Donald Trump’s administration have not yet drawn any conclusions from this assessment of their leader,” the minister added. He stressed that Trump’s actions got BRICS working on the alternative trading platform much faster. The financial sector is on the brink of entering into a multipolar world where a basket of currencies could act as the de facto payment.

Also Read: China Invests $10B in South Africa, Launching BRICS “Silicon Valley”

Lavrov recalled that Trump championed protecting the US dollar during his election campaign but is now destroying the currency he vowed to protect. “That’s true. Actions that abuse the role of one’s own currency inevitably undermine confidence in it,” he emphasized. If BRICS puts the new trading platform in the market, several developing countries would begin settling payments in local currencies.

  • BRICS