Key Points:
According to Financial Times, Brazil’s President, Luiz Inacio Lula Da Silva, has called for an end to the US dollar’s international trade dominance. During his first visit to China since taking office in January, he encouraged the BRICS collective to develop their alternative trade currency.
Furthermore, the BRICS Bloc, which includes Brazil, China, Russia, India, and South Africa, is developing its currency to aid in the effort to supplement the greenback’s prominence.
In a speech at Shanghai’s New Development Bank, Lula Da Silva, Brazil’s President, joined recent Chinese efforts to reduce international reliance on the US dollar. He questioned why all countries must base their trade on the dollar and why they can’t trade based on their currencies.
Da Silva added, “Who was it that decided that the dollar was the currency after the disappearance of the gold standard?” These statements come as Beijing has increased the promotion of the use of the renminbi for specific cross-border commodities trades, according to reports.
The call for an end to the US dollar’s international trade dominance is gaining momentum. Lula Da Silva and Beijing are among the voices calling for a change.
Lula Da Silva’s question of why countries must base their trade on the dollar prompts an examination of the current system. The BRICS countries developing their currency is a step toward supplementing the greenback’s prominence. It remains to be seen if this will lead to a shift in the global trade system. However, the call for change is becoming louder.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…
Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…
Palo Alto, California, 21st November 2024, Chainwire
Best Cryptos to Buy: Qubetics presale rockets ahead, Bitcoin nears $100k, and Avalanche prepares to…
London, United Kingdom, 21st November 2024, Chainwire
The move will see developers utilize USDC on Aptos in creating dApps on a wide…
This website uses cookies.