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 <p>The idea of BRICS launching a new currency to take on the U.S. dollar turned futile this year. BRICS acknowledged that creating a new currency in the international markets is complex and needs more dynamic framework. Therefore, the formation of a new currency to challenge the U.S. dollar is currently stalled. Nonetheless, Russia’s President Vladimir Putin said this month that it is necessary for BRICS to settle trade transactions in local currencies and not the U.S. dollar.</p>
 <p><strong>Also Read: BRICS: US Dollar in ‘High Demand’ Amid Israel &amp; Palestine Conflict</strong></p>
 <p>He added that <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> will look into the formation of a new system, which includes financial logistics that would enable countries to settle global trade in local currencies, bypassing the U.S. dollar. Russia and China are advancing to keep local currencies at the forefront and not the USD. Read here to know how many sectors in the US could be affected if <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> completely stops using the dollar.</p>
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 <p><strong>“Within the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> framework, it is necessary to create not a single currency but a system of financial logistics and mutual settlements in national currencies,”</strong> said Putin.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Leading Oil Company Ditches US Dollar, Accepts Local Currency</strong></p>
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 <h2 class="wp-block-heading" id="h-brics-local-currencies-vs-the-us-dollar">BRICS Local Currencies Vs. the US Dollar</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="683" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="us dollar chinese yuan usd brics" class="wp-image-100918 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp.webp 300w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp.webp 768w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp.webp 380w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp.webp 550w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp.webp 800w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp.webp 1279w" data-srcset-img="https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 1024w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 300w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 768w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 380w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 550w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 800w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 1160w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 1279w" data-eio="j">
  <noscript><img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp" alt="us dollar chinese yuan usd brics" class="wp-image-100918" srcset="https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 1024w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 300w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 768w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 380w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 550w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 800w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 1160w, https://cdn.thebittimes.com/images/2023/10/09/b85258aa29c2ade8bb4fd5e1b6d3c19e.webp 1279w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>The framework is only an idea and the new financial system is yet to be formed and put to work. The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance has thrown several ideas in the last six months to dethrone the US dollar. None of the ideas have turned into reality except for expanding to an 11-member alliance.</p>
 <p><strong>Also Read: Argentina To Be the First Country to Decline BRICS Membership?</strong></p>
 <p>However, China and Russia are building a new payment mechanism that could help other countries end dependency on the dollar. The payment mechanism could benefit BRICS members mutually by putting the local currencies ahead of the USD.</p>
 <p>The alliance is doing everything possible to liberate itself from the dollar and strengthen its local currencies. The native economies of <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries could boom and businesses could thrive parallelly if their respective currencies get stronger against the USD.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>BRICS Currency</li>
  <li>Vladimir Putin</li>
 </ul>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-looking-to-settle-trade-in-local-currencies-tbt65669.html">https://thebittimes.com/brics-looking-to-settle-trade-in-local-currencies-tbt65669.html</a></p>

BRICS Looking To Settle Trade in Local Currencies

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