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Federal Reserve reveals its plans for BRICS

TL;DR

  • BRICS nations are challenging the US dollar by promoting their own currencies for global trade.
  • The Federal Reserve remains confident that the US dollar will retain its dominance as the world’s reserve currency.
  • Christopher Waller from the Federal Reserve highlighted the dollar’s major share in global reserves and minimal growth of the Chinese Renminbi.

Over the past year, there have been like a thousand headlines about BRICS coming for the dollar, and dethroning it. Under the guidance of China’s Xi Jinping and Russia’s Vladimir Putin, BRICS has taken a lot of direct jabs at the United States government. We all know the part the country plays in our global economy and trade. But the BRICS truly believe that they don’t it, nor do they need the dollar. And so they have been actively doing everything they can to ditch America for good.

So far, there haven’t been any real response from the American government. But that might just be because Joe Biden is demented and probably has no idea what’s even going on. The Congress, of course, have said they are not worried about BRICS or their little plans. However, here comes the Federal Reserve. Apparently, it has plans for BRICS. Whatever might they be?

The Federal Reserve’s Perspective on BRICS

To be perfectly clear, BRICS’ approach doesn’t just aim at kicking USD to the curb. The bloc is getting ready to launch its very own new currency whilst also promoting the use of their own national currencies for cross-border transactions. As China persuades developing nations to conduct trade in the Yuan and Russia encourages settlements in the Ruble, India has also entered agreements with 20 developing countries to facilitate trade payments in the Rupee.

However, Christopher Waller, a distinguished member of the Federal Reserve Board of Governors, has boldly asserted that the US dollar is far from losing its status as the primary reserve currency globally. Despite the growing discourse on the potential decline of the dollar due to BRICS’ maneuvers, he said he is confident in the dollar’s enduring dominance in trade and finance. According to Waller, the dollar’s share of global reserves stood impressively at 60% in 2022, dwarfing the Euro’s 20% share, its biggest competitor.

A New World Order or a Risky Gambit?

Meanwhile, amidst discussions about the potential for a new global financial order led by developing nations, a group of scammers introduced a deceptive venture under the guise of a groundbreaking opportunity. They announced an Initial Coin Offering (ICO) for a cryptocurrency, deceitfully branded as the BRICS cryptocurrency. This move capitalized on the anticipation surrounding the BRICS alliance and its perceived challenge to the current global financial system.

The scheme was propagated through various social media channels, notably Telegram, where the fraudsters actively engaged with potential investors. They targeted individuals from developing countries, luring them with the prospect of being part of a significant shift in the global economic landscape. The scammers promised lucrative returns, alongside enticing offers such as airdrops of XLM tokens and substantial cashbacks, to seduce people into investing in their counterfeit cryptocurrency.

Many people were encouraged to invest in the ICO by the prospect of financial advantages and the opportunity to be a part of a new, more fair financial age. However, the reality soon came crashing down. The so-called BRICS cryptocurrency turned out to be nothing more than a facade. Once the scammers had stolen a huge amount of money from unsuspecting investors, they abruptly ceased all communications. They deleted their Telegram channel and other social media accounts, effectively disappearing without a trace.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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