The BRICS alliance will not discuss the formation of a new currency in the next summit in Johannesburg in August. The BRICS bloc will discuss expansion efforts and other bilateral issues and not the launch of a new currency that will challenge the U.S. dollar. Therefore, the threat of a BRICS currency taking over the U.S. dollar no longer holds water in the global financial markets.
The de-dollarization efforts fizzled out as challenging the greenback is not as easy as discussed. The dynamics to dethrone the U.S. dollar from the BRICS bloc won’t play out as the greenback commands a stronghold in the international markets.
Whether it is BRICS currency or any other currency, the world’s top investor Warren Buffet predicted in 2015 the prospects of the U.S. dollar. Buffet explained he is not worried that the U.S. dollar will lose out to other currencies anytime in the future.