Brazil's leader, Luiz Inacio Lula da Silva, has reaffirmed his summons to move from the U.S. in a worldwide exchange. He likewise uncovered his situation on the development of the productive BRICS alliance in front of the gathering's impending pinnacle. "I've said personally, for what reason does Brazil need the unresolved issue with China?" he focused. " We can do it in our own cash. "




President of Brazil on de-dollarization and BRICS Expansion

Brazilian President Luiz Inacio Lula da Silva reiterated his call for the abandonment of the U.S. bone in transnational trade during a press briefing with transnational intelligence officials last week.


Lula has long been an oral critic of the U.S. dollar’s dominance in transnational trade and has called on nations to abandon the dollar in favor of public currencies. He maintains that countries should conclude in their separate currencies rather than counting on the USD. Regarding de-dollarization and using public currencies in trade agreements, the Brazilian chairman stressed


"Everyone knows that I defend the idea that we have our own currency to trade between countries. I've said intimately, Why does Brazil need the bone to trade with China? We can do it in our own currency. Why does Brazil need the bone to trade with Argentina?"


The Brazilian leader also supports the idea of establishing a unified BRICS currency that many anticipate will undermine the dominance of the U.S. Leslie Maasdorp, vice chairman and principal fiscal officer of the New Development Bank, also known as the BRICS Bank, said last month that the creation of anything indispensable to the USD is “ a medium- to long- term ambition. ”


Lula also said, “ I suppose the BRICS Bank needs to be more effective and more generous than the IMF( International Monetary Fund)—that is, the bank is there to help save countries and not to help sink countries, which the IMF frequently does. ”


The Brazilian chairman also talked about BRICS expansion. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. The bloc’s leaders’ peak is listed for August 22–24 in Johannesburg. More than 40 countries have expressed interest in joining the BRICS group, with 22 nations having formally applied for membership. Sixty-nine countries have been invited to the summit, including all African heads of state.


“We're going to facilitate the entry of new countries” into BRICS, President Lula said. While there are reports that Brazil has raised enterprises over the expansion of the profitable bloc, Lula stressed


"I'm of the opinion that as numerous countries want to enter, if they're in compliance with the rules we're establishing, we will accept the countries’ entrance."


(Kevin Helms, Bitcoin News, 2023)