2024

United

Quantum

<p>The BRICS plan to end the hegemony of the dollar in international transactions continues to elicit reactions in the United States. Janet Yellen, the U.S. Treasury Secretary, recently spoke on the subject, indicating her concern about the implementation of this project. Especially since, according to her, detrimental effects are being observed on the dollar.</p>
<h2 id="h-the-future-of-the-american-dollar-threatened-by-the-brics">The future of the American dollar, threatened by the BRICS?</h2>
<p>In recent months, <a href="https://www.cointribune.com/en/the-brics-launch-an-innovative-payment-system-based-on-blockchain-and-cryptocurrencies/" target="_blank" rel="noopener noreferrer nofollow">the BRICS</a> have emerged as a significant force in global economic affairs, aspiring to reduce the dominance of the dollar as the world’s principal reserve currency.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>During a congressional hearing, Janet Yellen, the U.S. Treasury Secretary, acknowledged the momentum this policy is gaining in favor of the BRICS. <a href="https://watcher.guru/news/brics-treasury-secretary-predicts-fall-of-us-dollar-as-reserve-currency#google_vignette" target="_blank" rel="noopener noreferrer nofollow">She is worried</a> about the alliance succeeding in its endeavor.</p>
<p>As evidence, the financier mentioned a growing loss of confidence in the greenback, which has lost 8% of its share in global reserves since 2022. A trend signaling a potential shift in the international monetary landscape.</p>
<p>Meanwhile, the BRICS continue to expand their influence and gain support. This concerted stance poses a significant challenge to the long-standing supremacy of the dollar as the alliance’s efforts to promote dedollarization continue to intensify.</p>
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr">Nooooo… <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92d.png" alt="🤭" class="wp-smiley" style="height: 1em; max-height: 1em;"> The OCC dot Gov more than proves there’s a Quantum Financial System and a global reset coming <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f402.png" alt="🐂" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/UF2mw7ViNa" rel="noopener noreferrer nofollow">https://t.co/UF2mw7ViNa</a></p>— Derek Johnson (@rattletrap1776) <a href="https://twitter.com/rattletrap1776/status/1769058496136249417?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 16, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
 <figcaption class="wp-element-caption"><em>Janet Yellen admits the BRICS’ impact on the dollar and expresses her concerns</em>
 </figcaption>
</figure>
<h2 id="h-faith-in-the-dollar-s-resilience">Faith in the dollar’s resilience</h2>
<p>Despite these developments, Janet Yellen remains optimistic. She believes in the dollar’s historical capability to meet challenges. However, she also acknowledges the growing interest of nations in diversifying their reserves, spurred by the recent difficulties of the dollar.</p>
<p>Upon analysis, this evolution reflects deep skepticism towards the stability of the dollar. A dynamic that has propelled the BRICS to the forefront as a viable and pertinent economic and monetary alternative.</p>
<p>This situation marks a setback for the dollar, whose dominance is increasingly being undermined. This bolsters the influence of BRICS member states in establishing the global financial system.</p>
<p>In this context, the prospect of a multipolar monetary regime where the greenback is no longer the sole dominant financial force becomes increasingly plausible and conceivable. This, as more countries seek alternatives to the dollar. Ultimately, the dollar still remains the dominant reserve currency. However, the rise of the BRICS and the growing appetite for other reserve currencies pose significant challenges to <a href="https://www.cointribune.com/en/gold-the-new-weapon-of-the-brics-to-end-the-supremacy-of-the-dollar/" target="_blank" rel="noopener noreferrer nofollow">the supremacy of the American currency.</a></p>

BRICS: Increasing De-dollarization Worries U.S. Treasury

Table of Contents

Cointribune EN

Other articles published on Mar 18, 2024

Cryptocurrency Operation in 4 Provinces Based in Samsun! 8 People, 1 of whom was a Soldier, were ...

Examining Dogecoin’s Recent Price Dynamics and Predictions

BlackRock's Bitcoin ETF Enters Top 5 Ranking for Year

Biggest Solana Airdrop Token Reveals Season 1 End Date – Smog SOL Token Gifting $1m, Price Soars 28%

Solana Meme Coin Mania: BOME, SLERF And SNAP Print Millionaires Overnight

The Slow Burn to Success: Learning Patience from Bitcoin, Ethereum, and Solana’s Journey

Join our free newsletter for daily crypto updates!