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BRICS Currency Plans Face Skepticism Amid Dollar Dominance
BRICS Currency Plans Face Skepticism Amid Dollar Dominance
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BTCCSquare news:
Economist Barry Eichengreen dismisses the proposed BRICS currency as unrealistic, citing persistent dollar dominance in global markets. Despite 2026 rollout plans, technical and governance hurdles—including unresolved dispute settlement mechanisms—cast doubt on the alliance's ability to challenge existing financial infrastructure.
The Russian finance ministry's technical framework proposes using central-bank digital currencies for cross-border payments, leveraging the mBridge blockchain platform developed with the Bank for International Settlements. Gold-backed aspirations face operational challenges, though BRICS members continue accumulating bullion from domestic sources.
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