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A new de-dollarization drive is threatening the US dollar’s dominance on a global scale. With the countries consistently pivoting towards embracing the local currency narrative, the world has now become inclined towards the multi-polar currency era. That being said, this era is governed by capable currencies willing to take away the prestige of the US dollar. Amid such developments, a new bloc of 12 nations has emerged, dumping the US dollar to highlight their currencies on a global pedestal. Also Read: Tesla (TSLA) Price Forecast For Feb 25’ Amid Musk’s Solid D.O.G.E Policies A New Bloc On The Block Source: iStock This new era of ditching the US dollar for good is spearheading de-dollarization drives across the world. The nations have become wary of US dollar hegemony and are planning ways to outsmart the USD by exploring new currency alternatives. In this wake, the Commonwealth of Independent States (CIS), comprising 12 countries, has officially dumped the US dollar. Statistical...

BRICS member Russia is pushing the de-dollarization initiative in Africa urging nations to trade in local currencies and not the US dollar. Russia’s President Vladimir Putin vigorously called for African countries to start using local currencies for trade, including the Russian Ruble. Also Read: 36 Countries Apply To Join BRICS Alliance in 2024 Putin explained that Russia is “ready to work” with Africa n countries to help them shift away from the US dollar. He added that BRICS can help Africa build its financial infrastructure by connecting its global banking system to local currencies. The Russia n President stressed that cross-border transactions without the US dollar are beneficial to Africa . BRICS Urges Africa To Use Local Currencies For Trade, Sideline US Dollar Source: AFP – Yonhap / koreatimes.co.k The BRICS alliance is convincing developing countries around the world to stop relying on the US dollar for trade. A handful of countries beli...