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Bank of America disputes de-dollarisation

By Khulile Thwala

The impending BRICS currency has been a topic for discussion over the past months, with many of the opinion that it might or might not dethrone the dollar.

The BRICS alliance plans on establishing a new currency for its nations to use, which will replace and overshadow the United States dollar. However, the Bank of America is of a different view, stating that the US dollar’s global dominance is not under threat and BRICS, Yuan, and crypto are not alternatives.

Read More: 19 nations bid for BRICS membership

“The USD is not about to lose its exorbitant privileges as no single alternative has appeared,” said the Bank.

The BRICS alliance has a summit scheduled for this August where new members and new currency will be the trending topic. Multiple nations are already united in the idea of ditching USD.

According to Watcher Guru, talks are rising as multiple other nations opt for new currencies over the US dollar. Such as Argentina for the Chinese Yuan, and BRICS is reportedly a threat to the US currency.

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