In “Push for Alternatives to US Dollar-Based Payment Systems Accelerates as Sanctions Scale” (The Banker, 6 September 2024), Amir Fadavi comments on the challenges presented by the use of new cross-border payment mechanisms—both cryptocurrencies and central bank digital currencies. Recently, nations in the Brics bloc (made up of Brazil, Russia, India, China, South Africa and other developing economies) have announced plans for Brics Bridge, a digital currency-based cross-border payment solution designed to lessen the reliance on the U.S. dollar. Amir notes: “The Brics are trying to challenge the hegemony of the US in the world. [However,] implementation [will be] very challenging. I don’t see the rest of the world being comfortable with it.”
Read the article in The Banker. (Subscription may be required.)
