No other legal tender can challenge the state of Greenback backup, and has claimed Scott Bessant
The BRICS countries will not be able to find an alternative to the US dollar even if they tried, US Treasury Secretary Scott Payet claimed.
The comment comes as members of the Economic Group, including Russia, China and India, increasingly to mutual trade settlements in their national currencies.
The BRICS countries have increased efforts to reduce dependence on Western currencies in bilateral trade in recent years, especially after the sanctions have frozen Russia’s euro and dollars reserves that were held in the European Union clearing homes, after the escalation of the Ukrainian conflict in 2022.
Speaking on Wednesday to Fox Business on US President Donald Trump’s economic and financial goals, Pesin claimed that there is no other currency that could replace Greenback.
“I was in the currency market for 30-35 years and I can tell you, there is no alternative to the dollar. These are [BRICS] Other countries can talk about it, you may try to get rid of our backup mode but there is no other backup currency on the horizon. “ Pesin said.
The BRICS group consists of founding members of Brazil, Russia, India, China and South Africa, along with Egypt, Ethiopia, Iran, Indonesia and the United Arab Emirates. In addition, Belarus, Bolivia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia and Uzbekistan are expected to get the official Brex partner this year. More than 30 countries have submitted requests to join the bloc.
Bessent’s comments come after Trump warned the BRICS member states against replacing “The Great US dollar” As a backup currency, the 100 % repetition of the tariffs that it provided weeks after winning the presidential elections in November.
“There is no chance for the PRICH to replace the US dollar in international trade or anywhere else, and any country trying to promote the drawings of America should say goodbye to America!” Trump wrote on the social truth platform last week.
Treating this issue, Kremlin Dmitry Peskov spokesman denied that BRICS has plans to create a common currency, although the most prominent continuous discussions on joint investment platforms to increase economic cooperation between member states.
Speculation about the potential Brex coin has passed in recent years. In 2023, Brazilian President Luise Insio Lula da Silva expressed his support for the idea of ​​a “trading currency” within the economic group, which led to similarities to the euro. However, the leaders of other Brexes, including Russia, India, China and South Africa, denied discussing such a step.
The Brexes leaders have constantly emphasized that they are not seeking to undermine the dollar, and that the green back is weakening only by politicizing it.
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