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BRICS to Hold Discussions on a New Global Financial System : Analysis
An alternative financial system developed by Moscow is set to bypass dollar transactions in international payments. Russia will present the proposal to other BRICS nations at an upcoming summit. The system aims to counter Western sanctions and reduce the dominance of the US dollar, utilizing blockchain technology and digital tokens backed by national currencies. It will allow for secure currency exchanges without relying on dollars. Additionally, Moscow plans to establish a ‘BRICS Clear’ platform for trade settlement in securities. Russian Finance Minister Anton Siluanov has criticized the current global financial institutions and proposed utilizing new digital assets for international payments. Russia has been decreasing dollar usage in transactions, with over 95% of settlements with China in national currencies. BRICS aims to further reduce dollar reliance in mutual transactions. The proposal and details will be discussed at the BRICS summit in Kazan.
Analysis:
The article outlines Russia’s initiative to create an alternative financial system aimed at reducing the dominance of the US dollar in international transactions by proposing the use of blockchain technology and digital tokens backed by national currencies to facilitate secure currency exchanges. While the ambition to bypass the dollar is clear, the credibility of the sources and the potential biases underlying the information presented need to be taken into consideration.
Given that the article does not cite specific sources for the information, the reliability of the claims made about Moscow’s plan to present the proposal to other BRICS nations, establish a ‘BRICS Clear’ platform, and criticizing global financial institutions requires further verification. The absence of named sources or official statements raises concerns about the factual accuracy and objectivity of the article.
The political landscape, marked by geopolitical tensions and the ongoing use of sanctions, may influence public perception of Russia’s financial system proposal. The global shift towards digital currencies and Russia’s efforts to promote alternative payment mechanisms could represent a valid response to the current dynamics of international finance. However, the potential implications for the US dollar’s role as the dominant currency in global transactions and the broader impact on the financial system remain topics of debate.
As misinformation and fake news continue to proliferate, it is essential for readers to critically evaluate the information presented in articles like this one. While the concept of a new financial system aimed at reducing reliance on the US dollar is noteworthy, readers should seek additional sources and perspectives to form a comprehensive understanding of the topic and avoid falling prey to misleading or biased narratives.
Source: RT news: BRICS to discuss new global financial system – Reuters