The BRICS Bank, also known as the New Development Bank (NDB), has announced a three-year plan to move away from the US dollar and adopt a common currency for trade among member countries. This initiative aims to reduce the demand for the USD by lending loans in local currencies. Iraq has recently joined the de-dollarization movement, and other countries such as the UAE, Saudi Arabia, Egypt, Argentina, Iran, and Ethiopia have also shown interest. The NDB is currently exploring alternatives to replace the USD and will provide details to BRICS leaders. This shift could have a significant impact on various sectors of the US economy, including banking and finance, consumer goods and retail, production and consumption, technology and fintech, the global financial system, energy and commodity markets, travel and tourism, and government and policy. De-dollarization is already evident in foreign exchange reserves, with the USD’s share declining to a record low of 58%. Some crypto enthusiasts are advocating for the adoption of Bitcoin by the BRICS due to its convenience, lower settlement fees, and fast transactions. If this were to happen, it could lead to a surge in Bitcoin’s price driven by increased demand and speculation. Currently, Bitcoin is trading at $27,430.86.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries	🇮🇶 🇸🇦 🇪🇬 🇦🇷 🇪🇹
Sentiment	neutral
Relevance Score	0
People	None
Companies	BRICS Bank, New Development Bank (NDB), Iraqi Central Bank, J.P. Morgan, Coinbase
Currencies	Bitcoin
Securities	None