Established in 2009 as an informal alliance, the BRICS group, which was initiated by Russia is aimed at providing a platform for its members to counter the dominance of the United States and its Western allies in the global order.The rationale for the expansion of the alliance lies in the quest for alternative arrangements to the existing global power balance A total of 10 financial sectors which include: global financial system, banking and finance, energy and commodity markets, internatiomal markets, consumer goods and retail, production and consumption, techtional trade and investment, capital nology and fintech, government and policy, travel and tourism in the U.S. will be affected if BRICS uses local currencies and not the U.S. dollar. Is De-dollarization possible ?
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