The BRICS alliance is looking to uproot the US dollar’s hegemony and replace it with local currencies. The bloc wants to stop using the US dollar to settle cross-border transactions and is aiming to push local currencies ahead. BRICS wants to become a superpower and challenge the US and other Western allies in the global financial sphere.

Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The move will flood the American markets with dollar bills leading to hyperinflation in the homeland

Also Read: After BRICS, 3 New Countries Ready To Launch Own Currency

Expert Says BRICS is a Superpower in the Energy Sector

Marco Fernandes, a researcher at the Tricontinental Institute of Public Research noted that BRICS constitutes 45% of the world’s oil reserves and 56% of gas reserves. He wrote that BRICS is a superpower in the energy sector and the US and Western allies don’t come close.