One thing for sure, BRICS has the vision of not anymore relying on the mighty USA Dollar as the default currency for conducting international business...and soon it would have a currency approved by its members to officially replace the Dollar in the global scene. And with around 40% of the global business happening in the BRICS member countries, its impact will be felt by USA in the coming years. We have to remember that if one day dollar is out, USA will surely be experiencing the weakening of its money's value as the demand for the greenbacks will dramatically tank and without a strong demand for it people in USA will wake up experiencing strong inflation not yet seen before - the one it experienced under the Biden administration is just a rehearsal - and the country will find it hard to maintain its global leadership in many aspects. BRICS has China, Russia and Iran all harboring ill feelings for USA and they already know that not supporting the dollar is the way to go. Well, all empires will eventually end and I am actually wondering which country will soon fill the shoes to be vacated by USA...will it be China, Iran, Russia or a unified Europe?
And I do agree with @Faisal2202, to be able to used their local currencies, it should be strong, however, no one for example India's money being recognized by other countries. So there will still be dependence on US dollar for the next decade or so, gonna be difficult for even China or Russia to introduce their own currency and become global.Thanks for agreeing with me. You are right, a currency has to be strong enough if they want to make a successful trade. Otherwise, the US has the most financial products in the world, and it won't be easy to make a trade in local currency while using those financial products. We as a whole world are so dependent on the US and its products. That needed to be changed. Otherwise, they will misuse their powers as they are the main characters in the game right now, even if your currency is strong enough to make a successful deal.