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A handful of developing countries from Asia, Africa, and, Latin America are unhappy with the U.S. commanding the global financial sector. Around 19 countries have expressed their interest to join the BRICS bloc and ditch the U.S. dollar. The interest to trade in a new currency comes on the heels of the next BRICS summit which will be held in August. Countries that have been on the receiving end of the White House are desperate to trade in a new currency. Also Read: Germany Warns BRICS Nations Not To Take Advantage of Russian Sanctions Therefore, China is advancing in convincing other countries to settle cross-border transactions with the Chinese Yuan. The move boosts other local currencies making the U.S. dollar slowly yet steadily lose in the supply and demand dynamics. In this article, we will highlight 3 reasons why other countries want to join BRICS ’ mission to ditch the U.S. dollar for global trade. BRICS: Here’s Why Other Countries Want to Ditch the U.S. ...

The U.S. dollar stands at the crossroads of a new financial order as the BRICS alliance is looking to launch a new currency. The present objective of BRICS is to dethrone the U.S. dollar and make the new currency the world’s reserve status. BRICS is advancing in its mission to challenge the U.S. dollar by convincing developing countries to end reliance on the greenback. Also Read: 22 Countries Formally Apply for BRICS Membership The bloc remains successful as close to 41 countries have expressed interest to trade in the new BRICS currency. The development could put a strain on the U.S. economy as the greenback would have no means to fund its deficit. While the debt ceiling crisis is yet to be resolved, the burden of a ‘ BRICS currency success’ will take a toll on the American economy. If BRICS Currency Becomes Successful, U.S. Economy Could Reach Hyperinflation Source: Freepik.com Heritage Foundation economist E. J. Antoni warned that the U.S. dollar is o...