dollar (USD) alternative to be used in global trade.Īccording to a report from a local news outlet, State Duma Deputy Chairman Alexander Babakov is encouraging the creation of a new common currency between Russia, India, and the other BRICS nations as a way to push back against USD hegemony.īRICS, which is an acronym for five of the world’s leading emerging economies: Brazil, Russia, India, China and South Africa, has been receiving extra airtime as of late amid aggressive interest rate hikes by the Federal Reserve, which has put pressure on the currencies of other countries.īabakov highlighted the fact that Russia and India would both benefit from the creation of a common currency that could be used for payments, calling it the “most viable” route to take at this time. (Kitco News) - Following years of abusing its reserve currency status, the United States now faces a growing wave of global de-dollarization as many of the largest and most populous countries on the planet are banding together to launch a U.S.

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Dollar to all currency