Amid the overarching de-dollarization plans, the BRICS alliance has recently stated its currency is an answer for a world “tired” of the US dollar Specifically, Russian advisor Sergey Lavrov noted that the bloc’s alternative currency is a way to combat growing exhaustion with Western dominance.
Lavrov noted the frustration with the dollar’s place as a “tool for undermining the competitive positions of countries in different regions.” Moreover, this fact proved to be the starting point for a BRICS currency. Especially as the bloc aims to create the multipolar world order it envisions.
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BRICS Currency an Answer for a World Exhausted by Western Dominance
Throughout the year, discussions of a BRICS currency have been prominent. Moreover, they have been combined with the overall de-dollarization efforts of the alliance. However, from its perspective, the work that the bloc is committed to is not driven out of its self-interest. Conversely, the alliance believes it is answering a global call.
The BRICS bloc has recently stated that its currency is set to be an answer to a world “tired” of the US dollar. Specifically, Russian official Sergey Lavrov noted the potential of the alliance’s alternative currency. Especially with the global sentiment growing weary of overreaching Western influence.
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Lavrov noted that the BRICS Summit saw the bloc seek to give developing nations “shares in the IMF and the World Bank to reflect their economic weight.” However, he expressed disinterest in that notion. Furthermore, he described it as a way “the United States is distorting its principles of fair competition.”
Thereafter, he described the dollar as “a tool that includes a tool to undermine the legitimate competitive positions of countries in various regions and a tool to interfere in internal affairs and change regimes.” Subsequently, it led the BRICS alliance to answer that tiresome feelings. Specifically, through the creation of its very own BRICS currency and payment system.
Through that, the alliance could elevate the voices of developing countries. Moreover, it could further increase the status of the global south itself. Altogether, it would provide a pathway towards the multipolarity the world has hoped for. Moreover, it would bring a multipolarity the BRICS bloc believes it can carry there.
