BRICS: 3 Countries to Launch CBDC Currency, End US Dollar Reliance
BRICS member Brazil, along with two other countries has forged a new path for cross-border payments with CBDC innovations. The Central Banks of the three countries have officially partnered to create a digital currency for trade among each other. The move will pave the way for a new financial infrastructure without the need for the US dollar for cross-border transactions. Also Read: BRICS: Shipping Firm Pays $8 Billion in Chinese Yuan, Ditch US Dollar Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Apart from using local currencies for global trade settlements, BRICS is also working towards the formation of CBDC to dent the US dollar. The next decade will be challenging times for the greenback as de-dollarization will be a global phenomenon. BRICS: 3 Countries Forge CBDC Alliance, US Dollar Remains Target Source: CNBC The Hong Kong Monetary Authority (HKMA) announced that it has forged a CBDC alliance with two other Central Banks to