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 <p>The US dollar was the only source of currency to be used for all global transactions for nearly seven decades. Though the dollar faced challenges, it withered the storm as the greenback was the strongest currency in international markets. Things are slowly beginning to change after the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> bloc decided to bring the US dollar down early this year. The White House’s pressing sanctions against other developing countries led to the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> deciding to cut ties with the US dollar.</p> 
 <p><strong>Also Read: US Economy Added $10 Trillion in Debt in the Last 3 Years</strong></p> 
 <p>While <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> has not fully ended its dependency on the US dollar, the pattern seems to have already started. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is slowly yet steadily disinvesting in the US dollar and putting its local currency forward for trade. Read here to learn how many sectors in the US could be affected if the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> completely ditch the dollar.</p> 
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 <h2 class="wp-block-heading" id="h-brics-hitting-the-nail-on-us-dollar-s-coffin">BRICS Hitting The Nail on US Dollar’s Coffin</h2> 
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   <img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/09/21/d2200f7554efaa7ba1511701bd4a204c.webp" alt="US Dollar USD Currency brics" class="wp-image-98750" srcset="https://cdn.thebittimes.com/images/2023/09/21/d2200f7554efaa7ba1511701bd4a204c.webp 1024w, https://cdn.thebittimes.com/images/2023/09/21/d2200f7554efaa7ba1511701bd4a204c.webp 300w, https://cdn.thebittimes.com/images/2023/09/21/d2200f7554efaa7ba1511701bd4a204c.webp 768w, https://cdn.thebittimes.com/images/2023/09/21/d2200f7554efaa7ba1511701bd4a204c.webp 1536w, https://cdn.thebittimes.com/images/2023/09/21/d2200f7554efaa7ba1511701bd4a204c.webp 380w, https://cdn.thebittimes.com/images/2023/09/21/d2200f7554efaa7ba1511701bd4a204c.webp 550w, https://cdn.thebittimes.com/images/2023/09/21/d2200f7554efaa7ba1511701bd4a204c.webp 800w, https://cdn.thebittimes.com/images/2023/09/21/d2200f7554efaa7ba1511701bd4a204c.webp 1160w, https://cdn.thebittimes.com/images/2023/09/21/d2200f7554efaa7ba1511701bd4a204c.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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 <p>On August 14, the Indian government directed the Indian Oil Corp. (IOC) to settle payments for 1 million oil barrels with the UAE in the rupee. IOC is India’s leading petroleum refiner, and the local currency settlement was completed with Abu Dhabi’s National Oil Company. The US dollar was not used in the transaction and this was the first time that India and the UAE used local currency for trade.</p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Influence in Oil Sector Grows, Puts US Dollar in Danger</strong></p> 
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 <p>The buck didn’t stop there. Saudi Arabia, the UAE, India, China, and Russia are all putting their local currencies forward. If payment settlements in local currencies continue, the beginning of the end for the US dollar could well begin to take shape. The rising debt crisis in the US would allow <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> to test the waters without using the dollar. If they succeed, then the US economy might crash, and if they don’t, they have many more chances to get things right.</p> 
 <p><strong>Also Read: Finance Minister Warns <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>, Says De-Dollarization Leads to Disaster</strong></p> 
 <p>BRICS has made it clear that disinvesting in the US dollar is a long-term goal. Therefore, if they don’t bring the dollar down in this decade, they could well perhaps succeed in the next.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>US DOLLAR</li> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-the-beginning-of-the-end-for-the-us-dollar-tbt63516.html">https://thebittimes.com/brics-the-beginning-of-the-end-for-the-us-dollar-tbt63516.html</a></p>

BRICS: The Beginning of the End for the US Dollar?

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