BRICS vs. King US Dollar – Is the BRICS Currency Really a Credible Threat to the Dollar Hegemony?

Isn't this common currency project above all symbolic?

The BRICS continue to grow in power in the wake of China and Russia, who have long dreamed of one thing only: putting an end to the hegemony of the US dollar over the world. The latest project to emerge from the BRICS is that of a common currency designed to strengthen their alliance while weakening the US dollar.

This project is arousing growing interest among economists and analysts of all stripes, as it could profoundly redefine global financial balances. The alternative to the U.S. dollar being discussed in earnest at the Kazan summit in 2024 is called “Unit”. This currency would aim to facilitate trade within the BRICS bloc while leaving the US dollar by the wayside.

With this common currency project, the BRICS aim to reduce their dependence on the US dollar, against a backdrop of growing geopolitical tensions and economic sanctions against Russia in the wake of the war in Ukraine. Incidentally, history will tell us whether America made a monumental mistake in weaponizing its US dollar as part of the sanctions against Russia.

Having said that, I think it's worth asking whether this BRICS initiative is capable of undermining the dollar's supremacy over the world.