EddieJayonCrypto
23 Dec 24
Three BRICS countries, Russia, India, and South Africa, are clarifying that they have no intention to undermine the US dollar's status as the world's reserve currency. This comes in response to reports of BRICS creating a common currency backed by gold and other assets to bypass the USD. Russian dip...
BRICS countries, including Russia, India, and South Africa, have refuted allegations of de-dollarization efforts and expressed their willingness to clarify their intentions with President-elect Donald Trump. The countries assert that they have no plans to undermine the US dollar's status as the world's reserve currency and emphasize their commitment to trading using national currencies.
This response comes after Trump issued an ultimatum against BRICS, demanding a commitment from the countries to not create a new currency or face 100% tariffs. Russian diplomat Sergey Ryabkov stated that BRICS is willing to explain to President-elect Donald Trump that they are not encroaching on the dollar, but rather responding to US policy. India and South Africa also expressed no interest in de-dollarization, emphasizing the importance of the US as a trading partner.
Reports had previously surfaced about BRICS creating a common currency backed by gold and other assets to bypass the USD, but the countries are now clarifying that they have no intention to undermine the US dollar's status as the world's reserve currency. They are emphasizing that the discussions within BRICS focus on trading among member countries using their own national currencies, rather than creating a new currency to replace the US dollar.