BRICS & SCO Merging To Challenge US Dollar's Supremacy?
The BRICS alliance is looking to throttle the U.S. dollar’s global reserve status by trading in local currencies for cross-border payments. The Shanghai Cooperation Organization (SCO) is also moving in the same direction with an intent to end dependence on the U.S. dollar. Therefore, both the BRICS and the SCO are in the same boat in their quest to uproot the U.S. dollar’s supremacy. Also Read: BRICS Developing New Payment System To End Reliance on the U.S. Dollar If BRICS works on a common agenda prioritizing native currencies, the U.S. dollar could be on the path of decline. The alliance is looking to play a major role in ending the dynamics of the geopolitical system dominated by the West. Read here to know the U.S. sectors that will be affected if BRICS and SCO trade in local currencies. The member countries of the SCO are China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan. The trio of China, India, and Russia are part o...