BRICS Reduces US Dollar and Euro Transactions to Less Than 30% Bitcoin.com News
BRICS, a group of five major emerging economies – Brazil, Russia, India, China, and South Africa – has decided to decrease their reliance on the US Dollar and Euro for transactions. The group has announced that they will now conduct less than 30% of their transactions in these currencies.
This move is seen as a significant shift away from the traditional dominance of the US Dollar and Euro in international trade. BRICS countries are looking to diversify their currency holdings and reduce their exposure to fluctuations in the value of these major currencies.
The decision to slash US Dollar and Euro transactions to below 30% reflects the growing economic power of the BRICS nations and their desire to assert more control over their financial transactions. It also signals a broader trend towards using alternative currencies in global trade.
While the move may have implications for the international monetary system, it is a clear indication of the changing dynamics in the global economy. BRICS countries are taking steps to assert their independence and reduce their reliance on traditional Western currencies.