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BRICS is spreading the de-dollarization initiative around the world, but the majority of countries are rejecting the idea by increasingly using the US dollar for trade settlements. While countries that are like-minded to BRICS are considering de-dollarization, the majority of nations don’t align with the initiative. Also Read: BRICS: U.S. Dollar Crisis Could Begin in 2025 The latest data from SWIFT payment messaging system shows that trade settlements in the US dollar have increased by 9%. That’s the most in 12 years despite BRICS trying to convince other countries to ditch the US dollar through de-dollarization. The share of the US dollar’s global payments has touched a record 49% in 2024, the highest in 12 years. Also Read: Local Currency That Challenged the US Dollar Fails, Dips 40% BRICS De-Dollarization Fails: Payments in US Dollar Surges 9%, Euro Dips 18% Source: Forbes / iStock While the US dollar’s global payments rose by 9%, the Euro’s share plumme...

BRICS member Russia could use cryptocurrency as an official tender for trade settlements in the country bypassing the US sanctions. Russia will soon begin trials on cryptocurrency exchanges and digital tokens for cross-border transactions. The move will help ease the flow of funds into the country making its economy stay afloat. The Putin administration is looking at various ways to trample the US sanctions and the new cryptocurrency payments are one of them. Also Read: BRICS: Payments in Chinese Yuan Surpasses the US Dollar by 2.5% JUST IN: Russia to start using cryptocurrency for international transactions on September 1st. Russia plans on testing crypto payments as a way to break away from Western sanctions. pic.twitter.com/IsieM4gMXt — BRICS News (@BRICSinfo) August 27, 2024 The cryptocurrency payment trials will begin on September 1, 2024, reported Bloomberg. BRICS country Russia will use the National Payment Card System to swap its native currency, the ruble to cryptocurren...