CandleFocus How China's Digital Yuan & BRICS Currency Challenge USD
2024-10-25
Author: Content Editor
The BRICS bloc, led by China, is advancing projects to reduce reliance on the US dollar and challenge its dominance in global transactions. China has taken a multi-phase approach, cracking down on decentralized cryptocurrencies and emphasizing blockchain-centered control. By 2024, the digital yuan has seen extensive adoption in China, and cross-border payments demonstrate China's ambition to expand its influence. The BRICS bloc plans to launch a new currency backed by a basket of national currencies and may incorporate blockchain technology. These developments highlight a shift toward centralization and raise questions about the future of cryptocurrency. If successful, BRICS could reshape global trade dynamics and weaken the dollar's grip on international finance.
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