Currency

US Monitoring BRICS Digital Currency Push Amid Dollar Decline


Amid the ongoing development for the alliance during a US Election year, the Wester is monitoring the BRICS digital currency push amid its ongoing dollar decline. Indeed, the Financial Times reported the concern that the United States has held regarding Russia’s continued foray into the sector.

Russia has recently signed legislation that will increase its digital asset usage. Moreover, the BRICS economic alliance is currently developing a Blockchain-based payment system to support its native currency. According to reports, the West is observing the potential negative uses of this ongoing commitment and research.

Also Read: India Ditches BRICS Countries, Buys More U.S. Oil

US Reportedly Monitoring BRICS Digital Currency Focus

Throughout the last year, the BRICS economic alliance has firmly embraced de-dollarization efforts. The decision came primarily as an answer to the Western sanctions placed on Russia in 2022. Subsequently, the alliance has sought to increase those efforts through the development of its very own native currency.

Now, the West is taking notice, as the US is reportedly monitoring the BRICS digital currency push. Specifically, the Financial Times has stated that the United States is concerned regarding Russia’s digital currency development during a US election year.

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Also Read: BRICS: Egypt To Ditch The US Dollar in 2024?

Andrew Fierman, the head of Chainalysis, told the publication it is concerned with “Russian actors” using crypto for election interference. Moreover, he said that “the US government is sending a single that they’re on high alert, especially in an election year.”

Russia has only increased its commitment to digital asset development over the last several months. Moreover, the United States has been consistently hesitant to integrate government-issued digital assets into its economy. In the ongoing monitoring, they now have their eyes fixed on the BRICS development in the sector.

The action is all the more interesting considering the rather vulnerable state of the US Dollar currently. Both the blockchain-based payment system and the BRICS alternative currency will expand the alliance’s de-dollarizaiton efforts. Those are seemingly sought to be curtailed through ongoing action in defiance of the digital currency push.



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