CandleFocus Latam Insights Encore: Brazil Can Lead the Way to Full BRICS De-Dollarization
2024-10-22
Author: Content Editor
Brazil is leading the push for de-dollarization within the BRICS organization, aiming to decrease reliance on the U.S. dollar as a global currency. Brazil's Foreign Affairs Secretary for Asia and the Pacific confirmed the country's intention to advance these policies during the upcoming BRICS bloc summit. Brazil plans to develop and incentivize the use of the payment system BRICS Pay, which will be in the hands of the country as it assumes the organization chairmanship next year. Brazil's actions could lead to greater independence for the BRICS organization and potentially change trading patterns within the bloc.
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