Russia President Vladimir Putin reiterated the rising question on the threat to the US Dollar‘s status as global reserve currency. Although the US dollar has been the world’s reserve currency for a long time now, its dominance is currently under threat with the BRICS group proposing to introduce a common currency. Meanwhile, speculation has been around that the group would utilize cryptocurrencies for the same.
BRICS, a group of five emerging economies Brazil, Russia, India, China, and South Africa, is said to be working on a common currency to counter the US Dollar dominance.
Putin: US Dollar Losing Global Role
Earlier, reports quoted Russian President Putin as saying that the US dollar is losing its global role in an “objective and irreversible” process. Last week, CoinGape reported former US President Donald Trump’s warning on the threat to the Dollar’s global position. He warned that the BRICS group’s aggressive moves towards dedollarization could be a massive threat.
The Russian president had reportedly attended the BRICS 2023 in Johannesburg through video conference from Moscow. He also credited the success of reducing US Dollar’s share of member states trade to the BRICS Group. The share of US Dollar in international trade declined to 28.7 percent, he added.
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What About Bitcoin And Crypto Dominance
With the adoption of the Central Bank Digital Currencies (CBDC) by various economies across the world, the mode of digital asset payments is continuing to rise in the international trade space. Hence, with the likes of Russia, India, and China planning to bring in a new common currency, the role of crypto and Bitcoin may also be considered, at least for future use. In the United States, Bitcoin continues to gain institutional exposure with Blackrock and Fidelity among several companies exploring options to offer BTC based products.
At the same time, the US regulators are adamant against providing clear oversight rules on the crypto market, which could likely be due to concerns around dedollarization.
