Why is BRICS Expansion Such a Huge Threat to SWIFT And U.S.?

• Why is BRICS Expansion Such a Huge Threat to SWIFT And U.S.?
  by Jai Hamid, www.msn.com
  The expansion of BRICS, a coalition of emerging national economies, is stirring up a financial storm, particularly for the U.S. and the global SWIFT payment system. The growing influence of BRICS, now encompassing nine nations, is poised to reshape global financial dynamics. This alliance isn’t just expanding its membership; it’s challenging the long-standing dominance of the U.S. dollar in international transactions. The move to settle cross-border payments in local currencies rather than the U.S. dollar could significantly undercut the volume of global SWIFT transactions.
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  The Shift Away from Dollar Dominance
  Florida Senator Marco Rubio highlighted the potential impact of BRICS’s expansion on the U.S. dollar and SWIFT. His concerns aren’t unfounded. BRICS countries are gradually shifting away from U.S. dollar-based transactions, eyeing alternatives for cross-border settlements. This change is not just a financial strategy but also a geopolitical maneuver to reduce reliance on Western-led financial systems. The expansion essentially doubles the size of the alliance, making it a formidable counter to the American and European financial dominance.
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  The BRICS members are not only pooling resources but also exploring new avenues for financial interactions. The aim is to offer developing nations viable alternatives to the Western financial model. This approach is not just about diversifying economic ties but also a strategic move to create a more balanced global financial landscape.
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