Nilton David, deputy governor and director of monetary policy at Brazil’s central bank, spoke about BRICS, challenging the US dollar in a global financial environment. He described the realistic outlook for the alliance in the quest for world domination. The bloc has consistently promoted decooperativeness, making local currency the centre of all cross-border trade and trade. Will this make BRICS dominant force by beating the US dollar over the next decade?
BRICS cannot beat the US dollar, says the lieutenant governor of Brazil’s central bank
Officials at the Brazilian central bank say the BRICS Alliance does not have a strong asset that can challenge the US dollar. He revealed that the stronger BRICS, which can offset or exchange US dollars, does not have religious assets or currency. David explained that the alliance will not be able to successfully indifferent in ten years to the next ten years.
“I don’t think that will change over the next 10 years.” He said during a webcast of assets caused by BRICS, which takes over the US dollar. He acknowledged that alternative trading options could thrive for the next decade, but that won’t nail the USD co. He added that there are no alternative or viable options that can remove greenbacks on the nearest horizon.
When asked whether Bitcoin could exchange US dollars during a webcast, David called it “It’s essentially a speculative currency.” He said Brazil has a $340 billion foreign exchange reserve, as Greenback won’t get soaked like Bitcoin. David believes that Bitcoin will not become the counterweight of the US dollar and national currencies in the BRICS economy.
The central bank’s lieutenant governor even questioned whether BRICS could become a Western counterweight. The alliance has some drawbacks and financial limitations that do not allow it to grow like the US dollar. This limits its authority to trade only in local currency, and does not do much harm to the global control of greenback.
