BRICS is ready to take the lead in eliminating the power of the dollar. In which cooperation of 19 countries can be seen. Apart from this, those countries can also participate in this campaign, which may or may not be included in BRICS, but their strategic partnership with BRICS countries is very good.
There is no need to tell much about the power of the dollar in the world, but how to eliminate it? Who has the guts to destroy the power of the dollar? Can any one country do this? Or will some countries be needed for this too? The answers to all these questions are probably hidden in the news that has been floating in the air for the last 24 hours. In fact, the blueprint to end the dollar’s reign has been prepared. Yes, we are talking about the BRICS organization, which includes 5 countries with a share of one-fourth of the world’s GDP.
BRICS includes India, Brazil, Russia, China and South Africa. 19 more countries have applied to join this organization. The last time South Africa joined this organization was in the year 2010. These five countries are ready to take the lead in eliminating the power of the dollar. In which cooperation of 19 countries can be seen. Apart from this, those countries can also participate in this campaign, which may or may not be included in BRICS, but their strategic partnership with BRICS countries is very good. Let’s try to understand this blueprint and try to turn every page in which efforts are being made to destroy the power of dollar.
India wants trade in rupee
India has been talking about trading in rupees for some time now. For this, he has also talked to many countries. Along with this, such accounts have also been opened, which will help in settlement in rupees during trading with other countries. This is called Vostro account. According to a March 2023 report, the RBI has invited Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom to open Vostro accounts. permission has been granted.
In response to a question in the Rajya Sabha, Minister of State for Finance Bhagwat Karad has said that the central bank has so far given a total of 60 approvals to domestic and authorized foreign banks of 18 countries to open Vostro accounts. According to Finance Ministry officials, 20 Russian banks, including Rosbank, Tinkoff Bank, Centro Credit Bank and Credit Bank of Moscow, have opened special Rupee Vostro accounts with partner banks in India in February. Increase in trading in rupee will increase the value of rupee and recognition as global currency will increase.
China is making a dent through Yuan
On the other hand, China is also trying to eliminate the power of dollar through Yuan. Russia has recognized China’s Yuan in its country. Apart from this, Russia has announced to trade in yuan only with about a dozen countries of the world. Since then, the dominance of Yuan has increased even more. This means that Yuan has been recognized as a global currency. Apart from this, China trades with 130 countries of the world, in many of which its business is done in Yuan only. This is a big blow to the dollar.
De-dollarization of Russia
After the Russia-Ukraine war, America and Europe imposed many types of sanctions on Russia. Russia’s 300 billion dollars foreign reserve was captured. For this, the property and money of Russian billionaires were confiscated. After which Russia started the de-dollarization campaign. After which he talked about trading in ruble all over the world, but ruble did not have that much power to move towards global currency. Because of which he had to go towards Yuan. He is also in talks with India for trading in rupees. Wherever Russia is going, it is carrying its de-dollarization campaign along with it.
BRICS will bring new currency
On the other hand, BRICS is also thinking of bringing its own currency. On March 30, Deputy Speaker of the Russian Parliament, Alexander Babakov, said that BRICS is now considering bringing its own currency. All the five countries can easily agree on this. At the same time, the 19 countries which have applied to join BRICS can also adopt that currency. Saudi Arabia and Iran are among the countries that have formally asked to join BRICS. Other countries that have expressed interest in joining include Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain and Indonesia, as well as two countries in East Africa and one in West Africa. In such a situation, complete preparations have been made to destroy the dollar.