Request

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 <p>The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance is looking to challenge the U.S. dollar by using native currencies to settle cross-border transactions. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is also convincing other developing countries to end their dependency on the U.S. dollar and trade in local currencies. The idea has seen a bit of success, as a handful of trades have been settled without the dollar. So will the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries abandon the dollar completely and rely on local currencies? In this article, we will highlight the consequences <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries could encounter if they ditch the U.S. dollar for trade.</p> 
 <p><strong>Also Read: U.S. Dollar Could Fall if <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Pay in Local Currencies for Oil &amp; Gas</strong></p> 
 <h2 class="wp-block-heading" id="h-will-the-brics-countries-abandon-the-u-s-dollar">Will the BRICS Countries Abandon the U.S. Dollar?</h2> 
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  <img decoding="async" width="1024" height="802" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="US Dollar Chinese Yuan Currency" class="wp-image-96105 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp.webp 800w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp.webp 1040w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 1024w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 300w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 768w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 380w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 550w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 800w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 1040w" data-eio="j"> 
  <noscript> 
   <img decoding="async" width="1024" height="802" src="https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp" alt="US Dollar Chinese Yuan Currency" class="wp-image-96105" srcset="https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 1024w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 300w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 768w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 380w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 550w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 800w, https://cdn.thebittimes.com/images/2023/08/19/5cf56c730e463423013d380a48b804fb.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  </noscript> 
  <figcaption class="wp-element-caption">
    Source: silkroadbriefing.com 
  </figcaption> 
 </figure> 
 <p>Technically, the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance can abandon the U.S. dollar, but it comes at a hefty price. India and Brazil are well aware of the price they have to pay and the consequences they will have to face, but China and Russia are prepared for it.</p> 
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 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: De-Dollarization Begins With Oil &amp; Gas</strong></p> 
 <p>If <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> abandons the U.S. dollar, the alliance would face the risk of a diplomatic fallout across Western countries. The move could add strain to all diplomatic and economic ties with the West, leading to trade disputes. Developing countries like India, Brazil, and South Africa are mindful of the consequences, but China and Russia have nothing to lose. China and Russia are already facing economic alienation, so changes in trade disputes don’t matter.</p> 
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 <p><strong>Also Read: 8 Arab Countries Request To Join BRICS Alliance</strong></p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" width="1024" height="512" src="https://cdn.thebittimes.com/images/2023/08/19/250577be892cfe212eff29eacd07f3d3.webp" alt="us dollar chinese yuan brics currency" class="wp-image-106356" srcset="https://cdn.thebittimes.com/images/2023/08/19/250577be892cfe212eff29eacd07f3d3.webp 1024w, https://cdn.thebittimes.com/images/2023/08/19/250577be892cfe212eff29eacd07f3d3.webp 300w, https://cdn.thebittimes.com/images/2023/08/19/250577be892cfe212eff29eacd07f3d3.webp 768w, https://cdn.thebittimes.com/images/2023/08/19/250577be892cfe212eff29eacd07f3d3.webp 380w, https://cdn.thebittimes.com/images/2023/08/19/250577be892cfe212eff29eacd07f3d3.webp 550w, https://cdn.thebittimes.com/images/2023/08/19/250577be892cfe212eff29eacd07f3d3.webp 800w, https://cdn.thebittimes.com/images/2023/08/19/250577be892cfe212eff29eacd07f3d3.webp 1100w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: thecradle.com 
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 </figure> 
 <p>The BRICS countries of India, Brazil, and South Africa have closer ties with the U.S. and other Western allies, with trade agreements worth billions of dollars. The move will potentially impact foreign exchange markets and lead to job cuts in the IT and other technological sectors.</p> 
 <p>Therefore, the risk is too high, and India and Brazil are aware of the possible consequences. The move could impact their growing economies and cause them to go backward if they ditch the U.S. dollar. In conclusion, BRICS has every right to end reliance on the U.S. dollar, but the price is too heavy to carry.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>US DOLLAR</li> 
 </ul> 
</div>

Can BRICS Abandon the U.S. Dollar?

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