SHANGHAI : The BRICS Alliance kick-started the de-dollarization initiative early this year and a handful of countries are considering ditching the US dollar for global trade.
While the idea of de-dollarization seemed to be laughable at first, BRICS is making the initiative turn into reality. The bloc not only followed up with the de-dollarization efforts this year, it is also convincing other countries to end reliance on the US dollar.
BRICS, ASEAN, and the SCO Groups are now seriously considering the de-dollarization initiatives to lift their native economies. A handful of countries in Africa and South America are also on the sidelines and could join the bandwagon soon. If many more countries switch to trading in local currencies, the US dollar will slip into a path of decline.