The American currency is losing its foothold on the world stage and several foreign nations are waiting in the wings to take its place. On August 1, 2023, Fitch Ratings announced its decision to downgrade the US long-term credit ratings to AA+ from AAA. The latest news is adding new momentum to the ongoing de-dollarization trend unfolding in the global economy. As Central and World banks vie for power and centralized digital currency. BRICS nations met last week. The BRICS economic alliance, which consists of Brazil, Russia, India, China, and South Africa, has officially decided to stop using the US dollar in trade settlements. This decision was confirmed by Brazilian President Luiz Inácio Lula de Silva. The alliance's decision to abandon the US dollar is in line with their efforts to promote the use of their local currencies in international trade. In addition, the BRICS alliance will expand by accepting six more countries by 2024, which will further affect the geopolitical landscape.
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