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The US dollar is facing challenges from developing countries that are threatening its status as the global reserve currency. A handful of alliances in Asia, Africa, and South America are looking to end dependency on the U.S. The BRICS and ASEAN groups are at the forefront of challenging the US dollar’s status. Developing countries fear U.S. sanctions could hurt their economies and, therefore, want to strengthen their local currencies and economies. The de-dollarization efforts are in full swing in 2023, and nearly two dozen countries want to ditch the U.S. dollar. Also Read: BRICS : U.S. Dollar ‘Global Reserves’ Drop Below 60% BRICS: 21 Countries Ditch the U.S. Dollar This Year Source: Reuters Two different alliances have officially agreed to ditch the U.S. dollar for global trade in 2023. In March 2023, the ASEAN bloc was the first to decide not to use the U.S. dollar for cross-border transactions. The leaders of 10 Southeast Asian nations signed a declaration to s...

BRICS  is an acronym for five of the leading economies in the world: Brazil, Russia, India, China, and South Africa. Together, the nations are looking to establish their own BRICS currency in order to decrease the influence of the US in the global trade market by means of de-dollarization. This currency will look to reduce dependency on the US dollar and other major currencies. Currently, each of the nations use its own currencies but will look towards using a common one in the future with BRICS . When may this be? Source: VCG / ChinaDaily.com.cn When Will BRICS Currency be Released? To establish a new currency, plenty of factors have to be considered and discussed, all of which will take time. Therefore, there isn’t a set date or time for the BRICS currency to and begin adoption amongst Brazil, Russia, India, China, and South Africa. However, this is surely something that the BRICS nations will discuss at the upcoming BRICS Summit in August. The currency may...