Today, the BRICS countries are coming together in Kazan, Russia to discuss a groundbreaking shift in global commerce. They are exploring ways to eliminate the use of the dollar in transactions among members, specifically in oil trade, by embracing financial technology, or Fintech. This move will liberate member countries from the constraints of the dollar and Swift payment system, expanding their economic independence.
The elimination of dollar transactions will reshape the global financial landscape. Currently, the dollar dominates at 55-58% of global reserves, down from 72% in 2002. Geopolitical tensions, economic rivalries, and recent conflicts have accelerated this shift. BRICS countries are looking to Fintech solutions, such as blockchain technology, to streamline transactions and enhance security.
By leveraging digital currencies like Bitcoin and Ethereum, BRICS aims to revolutionize international trade, starting with oil exchanges. This move will reduce reliance on the dollar and enhance privacy in financial transactions. As BRICS leads the charge in adopting Fintech, they are setting a new standard in global commerce.
Join us in this exciting journey towards a future driven by financial innovation!
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