The BRICS collective, comprising Brazil, Russia, India, China and South Africa, is working on a common currency in an attempt to ditch the US dollar and push back against America’s dominance. The move comes as Moscow and Beijing call for de-dollarisation in the face of Western sanctions The US dollar has been the official currency for… Continue reading Will a new BRICS currency replace the US currency for trade?
The greenback’s share of global foreign-exchange reserves has extended a two-decade decline, but it’s still used more than all other currencies combined. The US dollar has long played an outsized role in global markets. It continues to do so even as the American economy has been producing a shrinking share of global output over the… Continue reading Dollar Dominance and the Rise of Nontraditional Reserve Currencies
The past few months have been dark times for the crypto industry. Between April and June, Bitcoin’s value more than halved, from just over $45,000 to around $20,000; other coins have fallen even more. The Terra-UST ecosystem, which paired a crypto coin with one designed to be pegged to the dollar, collapsed in May, wiping… Continue reading What Skeptics Get Wrong About Crypto’s Volatility