BRICS Nations comprising Brazil, Russia, India, China, and South Africa, came together in 2006 to foster economic growth, peace, security, and progress. Also extending their scope to human development, equity, and fairness in the world.
Syria, in major support of the de-dollarization of the global economy, has encouraged the BRICS nations to lead the development, empowering the Chinese yuan to become the global currency.
The President of Syria, Bashar al-Assad has been however noted to lead the appeal for the adoption of the Chinese yuan. According to him, BRICS nations can lead efforts to abandon the U.S. dollar in international settlements.
In addition to his statement, confrontation with the United States and the West in general had been taking place mainly in the economic field and that makes it increasingly necessary to ditch the U.S. dollar as a currency for global transactions as quoted by SANA, a Syrian state-controlled news agency.
De-dollarization: Why Is Syria So Bent On Yuan Adoption?
The reasons for Syria ditching the dollar over the Chinese yuan may not be so far off, regarding the future of BRICS and other notable factors.
In President Assad’s opinion, the whole world requires China’s presence, politically and economically, presently to restore balance to the global situation. His belief in BRICS also led him to say; The BRICS alliance constitutes a strong international space capable of creating an international multipolar order.
In addition to his high belief in BRICS, there was a mediation between Saudi Arabia and Iran who previously applied to be members of BRICS nations. The mediation which makes for a better relation between the countries, was commended by Assad and is believed to have a significant impact on the stability of the entire region.
An accusation by the Syrian foreign affairs minister stated that the United States imposed sanctions to steal their assets, keeping them under its hegemony.
It’s unlikely for the nation of Syria to take no action after its claims and the possible edge they tend to gain if a shift is made. With more countries in favor of global de-dollarization, the shift seems unavoidable and remains to be seen.
Syria’s support for the adoption of the Chinese yuan over the U.S. dollar is part of a wider movement towards de-dollarization of the global economy, and President Assad sees the BRICS nations as leading the way towards a more multipolar world order.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist.