BRICS, an intergovernmental organization comprising Brazil, Russia, India, China, and South Africa, has announced the development of a new currency as part of the de-dollarization movement. The primary objective of this currency is to streamline cross-border trade among the BRICS nations.

In a bid to reduce reliance on the US dollar, Russian President Vladimir Putin recently met with Chinese President Xi Jinping to strengthen bilateral ties. The inclusion of Iran as the fifth member during the 2023 BRICS summit marked a significant expansion effort for the bloc.

Iran's ambassador to Russia, Kazem Jalali, highlighted the collaboration between Russia and Iran in this initiative, emphasizing the growing use of rubles and rials for over 60% of trade between the two countries. This shift towards local currencies within BRICS trade is expected to enhance regional economic growth.

As discussions on de-dollarization gain momentum, BRICS is actively working on a strategy to promote a more diverse global financial landscape. Brazilian President also echoed similar sentiments, questioning the widespread dependence on the dollar for international trade. The push for alternatives to the dollar is gaining traction in global dialogues.

While the dollar has long been considered the dominant currency, recent developments challenge its supremacy, especially with the emergence of potential competitors like the euro, yen, and yuan. The introduction of a currency by BRICS could introduce a new dynamic to the global financial system.

Despite these shifts, some, like Jeremy Allaire, CEO of Circle, advocate for the US dollar's resilience. He notes China's efforts to internationalize the yuan as a challenge to the dollar's dominance. Reports indicate a decline in the dollar's prominence, with a notable increase in oil trades conducted using local currencies.

The rise of Central Bank Digital Currencies (CBDCs) poses a threat to the dollar's dominance in cross-border transactions, prompting the International Monetary Fund (IMF) to acknowledge the risks posed by BRICS nations and other local currencies. In response, the IMF has launched its own CBDC platform for facilitating cross-border settlements.

Amidst these developments, financial expert Robert Kiyosaki has advised investing in Bitcoin as a safeguard against a potential US dollar crash, anticipating the launch of a BRICS Crypto backed by gold. These shifts in the global financial landscape underscore the evolving dynamics and challenges to the traditional dominance of the US dollar.