The BRICS nations aim to reduce reliance on the US dollar to enhance economic independence, reflecting a wider shift in global financial dynamics.
The dollar's dominance benefits the US by providing lower borrowing costs and geopolitical leverage, leading to concerns among BRICS nations about dollarization.
Discussions of a joint BRICS currency gained momentum following US sanctions on Russia, echoing fears that other members could face similar treatment.
The concept of a BRICS currency originated post-2008 financial crisis, with the bloc agreeing to explore its feasibility at the 2022 summit.
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