The proposal of a BRICS currency toppling the dollar is met with skepticism by eminent economist Jim O’Neill, who initially coined the term BRIC (representing Brazil, Russia, India, and China) in 2001. They intend to erode the US dollar’s dominance as the world’s reserve currency. With the United States having been the most powerful influence on global affairs for decades, it appears that a new world order is forming. This proposal appears to be neither practical nor possible. However, we must keep in mind that the world is transient and shaped by unseen forces (2 Corinthians 4:18).
The faith we have as God’s watchmen tasked with illuminating our world is that the world can be changed and nudged towards righteousness, mercy, and justice. Creating the conditions for people to live productive and meaningful lives. Historically, the strength of the U.S. dollar has been the cornerstone of secure transactions. However, times have evolved, and so have our capabilities. The role of the dollar as an intermediary is being challenged in an era driven by technological innovation. There is nothing that cannot change. Nations can grow, expand, contract, or disappear entirely.
Because of the rise of digital technologies, including blockchain, the BRICS can create an international financial system that completely bypasses the US system. This would have been unthinkable a few decades ago. However, as technology advances, the need for a middleman has diminished. Individuals and nations can now conduct transactions that are seamless, secure, and efficient, without the mediation of a powerful government. While Jim O’Neill’s reservations are founded on a deep understanding of economic complexities, the promise of technological advancements is equally compelling. You must not be afraid to embrace the potential of the digital era and how it has reshaped economic structures. Use technology to rethink your world.