BRICS: 2 Countries Settle Oil Trade in New Currency, Discard US Dollar
China is doing everything possible to advance the de-dollarization agenda and dim the lights on the US economy. BRICS members China and Russia recently sidelined the US dollar to settle oil and gas payments in 2025. The development adds pressure on the US economy as developing nations are using new modes of payment and not the dollar.
Also Read: BRICS: When Barack Obama Predicted the US Dollar’s Future
Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Reducing dependency on the US dollar will lead to the currency facing deficits and bring inflation into the homeland. The USD needs to maintain its demand and supply mechanism in the forex markets and failing to do so can bring its doom.
Also Read: What Are the Advantages of a BRICS Currency?
BRICS: China & Russia Settle Oil Trade in New Currency
Trillion-dollar asset management firm VanEck recently confirmed that BRICS members China and Russia have settled oil payments using the leading cryptocurrency Bitcoin. This is a major step in advancing the de-dollarization agenda where the US dollar had a command in the oil and gas industry. “China and Russia have reportedly begun settling some energy transactions in Bitcoin and other digital assets,” wrote VanEck.
Also Read: BRICS: US Dollar Is Now an Unreliable Currency, Say Analysts
VanEck also wrote that the new payment method using BTC for oil settlement “might be bullish for Bitcoin.” BRICS members China and Russia could usher into a new era where Bitcoin is the new payment method and not the US dollar. The trillion-dollar management firm noted that even Bolivia is following the route of using cryptocurrencies for trade and transactions. “Bolivia has announced plans to import electricity using crypto. And French energy utility EDF is exploring whether it can mine Bitcoin with surplus electricity currently exported to Germany,” they wrote.
De-dollarization is now a major concern as the White House has imposed tariffs on over 185 countries. However, the Trump administration has now announced a 90-day pause in tariffs but the damage has already been done. The BRICS bloc is now more focused on bringing the US dollar down by not using it for oil transactions.
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BRICS: 2 Countries Settle Oil Trade in New Currency, Discard US Dollar
China is doing everything possible to advance the de-dollarization agenda and dim the lights on the US economy. BRICS members China and Russia recently sidelined the US dollar to settle oil and gas payments in 2025. The development adds pressure on the US economy as developing nations are using new modes of payment and not the dollar.
Also Read: BRICS: When Barack Obama Predicted the US Dollar’s Future
Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Reducing dependency on the US dollar will lead to the currency facing deficits and bring inflation into the homeland. The USD needs to maintain its demand and supply mechanism in the forex markets and failing to do so can bring its doom.
Also Read: What Are the Advantages of a BRICS Currency?
BRICS: China & Russia Settle Oil Trade in New Currency
Trillion-dollar asset management firm VanEck recently confirmed that BRICS members China and Russia have settled oil payments using the leading cryptocurrency Bitcoin. This is a major step in advancing the de-dollarization agenda where the US dollar had a command in the oil and gas industry. “China and Russia have reportedly begun settling some energy transactions in Bitcoin and other digital assets,” wrote VanEck.
Also Read: BRICS: US Dollar Is Now an Unreliable Currency, Say Analysts
VanEck also wrote that the new payment method using BTC for oil settlement “might be bullish for Bitcoin.” BRICS members China and Russia could usher into a new era where Bitcoin is the new payment method and not the US dollar. The trillion-dollar management firm noted that even Bolivia is following the route of using cryptocurrencies for trade and transactions. “Bolivia has announced plans to import electricity using crypto. And French energy utility EDF is exploring whether it can mine Bitcoin with surplus electricity currently exported to Germany,” they wrote.
De-dollarization is now a major concern as the White House has imposed tariffs on over 185 countries. However, the Trump administration has now announced a 90-day pause in tariffs but the damage has already been done. The BRICS bloc is now more focused on bringing the US dollar down by not using it for oil transactions.
Read More