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BRICS leads the way as 130 nations embrace CBDCs, leaving the U.S. dollar behind

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The U.S. dollar could lose its status as the world’s reserve currency as more countries move towards launching their own digital currencies, following the lead of the BRICS bloc.

BRICS, which comprises Brazil, Russia, India, China and South Africa, is expected to launch a common digital currency by the end of 2023, backed by gold and other reserves. The initiative aims to reduce the reliance on the U.S. dollar for trade and investment among emerging economies.

The U.S. dollar currently dominates the global financial system, accounting for about 60% of the world’s foreign exchange reserves and 40% of global payments. However, this could change as 130 countries out of 195 are exploring or developing their own Central Bank Digital Currencies (CBDCs), according to a recent report by the Bank for International Settlements (BIS).

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