by Karen Faulkner, Worthy News Correspondent
(Worthy News) – The annual BRICS Municipal Conference in Russia this October is expected to draw representatives from 126 nations with a view to possibly joining the bloc and leaving the US dollar for a new BRICS common currency.
BRICS is an intergovernmental, geopolitical bloc that has coordinated multilateral policies since 2009. Originally comprising Brazil, Russia, India, China and South Africa, the BRICS bloc now includes Argentina, Iran, Saudi Arabia Iran, Egypt, Ethiopia, and the United Arab Emirates as well.
Ahead of October’s annual summit, the Brazil’s President last month called for BRICS nations to create a common currency for trade and investment among themselves in order to reduce their susceptibility to US dollar exchange rate fluctuations, Reuters reported in August.
However, Reuters noted in its report last month, the dollar continues to dominate world trade. “De-dollarising would need countless exporters and importers, as well as borrowers, lenders and currency traders across the world, to independently decide to use other currencies,” Reuters said.
Nevertheless, the growing number of developing countries that are interested in joining BRICS and ending their dependence on the US dollar for trade may ultimately amount to a challenge to the US dollar’s hegemonic status.
Copyright 1999-2026 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
Russian authorities launched a terrorism investigation after a bomb exploded at the entrance to an upscale Italian restaurant in central Moscow, killing at least three people and wounding 21 others, officials said.
President Donald Trump called off a planned military attack against Iran over the weekend, saying Tehran and several Middle Eastern governments had asked Washington to give diplomacy another chance after negotiators agreed on the broad outlines of a possible deal.
Hungary was racing Saturday to avert the first complete shutdown in the 44-year history of its only nuclear power plant after record-low Danube water levels threatened the country’s electricity supply, prompting sweeping emergency measures amid an ongoing heatwave.
Motivational speaker Tony Robbins told Health and Human Services Secretary Robert F. Kennedy Jr. that advances in nanotechnology could make it possible to connect the human brain directly to artificial intelligence as early as 2031 or 2032, opening the door to widespread human-AI integration within the next decade.
The Democratic National Committee is facing a deepening financial and leadership crisis ahead of the November midterm elections, prompting prominent voices on the Left to warn that the party’s national organization is becoming dangerously unprepared for the political battle ahead.
President Donald Trump said Friday that Israel was “very happy” with a newly announced agreement aimed at disarming Hamas, even as Prime Minister Benjamin Netanyahu remained publicly silent and senior Israeli officials indicated that Jerusalem had not accepted the proposal in its current form.
Spain and neighboring Morocco reinforced security around the Spanish enclave of Ceuta after tens of thousands of migrants entered the territory illegally in recent days, while at least 34 people died attempting the dangerous crossing, authorities said Friday.