IS THE DOLLAR HERE TO STAY OR ON ITS WAY OUT?

BRICS, is gaining ground in its wake to reduce dependence on the U.S. Dollar. This crusade is known as, De-Dollarisation. This initiative is driven by consideration to bypass sanctions, promoting financial multpolarity coupled with geopolitical and economic factors. BRICS member Countries like, Russia and India have started conducting business in Ruble and Rupee. Chaina's Yuan has seen an increase in use through Currency Swsps with BRICS member Countries. NEW DEVELOPMENT BANK and CONTINGENT RESERVE ARRANGEMENT are alternative establishments to Western Financial Institutions. They provide infrastructure loans, financial safety catches with no attachments to U.S. Dollar. So far, more than $30 Billion worth in form of loans has been set aside. An alternative to bypass, SWIFT are underway. Chaina's, CIPS ( Cross Boader InterBank Payment System) alongside Russia's, SPFS, a messaging system in transfer of funds is in development. However, a gold-backed digital currency to safeguard stability, vulnerability to currency fluctuations and sanctions is also in the pipeline. In the light of the above, the U.S. Dollar still stands firm in world reserves, trade, liquidity, market trust and the gigantic size of the U.S. financial landscape. BRICS, is slowly carving a niche for a multipolar financial system that could alter the world economic power balance. BRICS member Countries have different economic rates, systems, growth and geopolitical priorities that further complicate a uniform currency policy. Blockchain-based system or gold-backed currency has challenges in relation to cybersecurity and regulatory frameworks. Russia and China are increasing gold reserves to counter reliance on Dollar dominated assets. BRICS is motivated particularly by U.S. led sanctions on Russia. De-Dollarisation is viewed as one way of empowering developing Nations by allowing them to utilise their financial systems.