Cryptocurrency News Official TheBitTimes.com

The BRICS alliance kicked off the de-dollarization process by inducting oil-producing countries into the bloc. BRICS aims to control the global oil markets by using local currencies for trade settlements and not the U.S. dollar. The USD, which once had a strong footprint in the oil sector, seems to be losing ground currently. Developing countries are looking to end the stronghold of the dollar and are pushing to strengthen their native currencies. Also Read: BRICS GDP in Purchasing Power Parity Reaches 37% Of the Global Economy BRICS: U.S. Dollar on Shaky Grounds in the Global Oil and Gas Sector Source: asia.nikkei.com A recent report from JP Morgan on the de-dollarization process initiated by BRICS highlighted that the U.S. dollar is slowly losing dominance in the global oil sector. The research titled “De-dollarization: Is the U.S. dollar losing its dominance?” shows that the dollar is shaky in the oil and gas sector. Also Read: BRICS: China Aiming to Bring Down the U.S...

Out of the six new countries that are being inducted into the BRICS alliance, five of them are oil-producing nations. Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia export millions of barrels of oil each year to the West. Argentina is the lone country that doesn’t produce oil but gained entry as it allows multinational corporations to settle trade in local currencies. Therefore, BRICS is now equipped with the best, and China and Russia are likely to gain the most out of the new development. Also Read: US & Europe To Pay in Local Currencies For Oil After BRICS Expansion? BRICS: China & Russia Gain The Most From Inducting 6 New Countries Source: TheWire.in Prof. Dr. Daniela Schwarzer, an Executive Board Member at Bertelsmann Stiftung, an independent foundation based in Germany, said that China and Russia see a strategic win in adding the six new countries to the bloc. According to Schwarzer, top Oil -producing countries could bail out China and Russia ’s econom...