Russian official says confidence in US dollar is collapsing, crypto and yuan lurking?

Jakarta, Pintu News – Global financial dynamics are heating up again after a senior Russian official made a strong statement at the BRICS forum regarding the future of the United States dollar (USD). In his speech, the official stated that the world’s confidence in the US dollar is now collapsing, driven by economic uncertainty, soaring American debt, and the impact of economic sanctions spreading globally.

BRICS – an economic bloc consisting of Brazil, Russia, India, China and South Africa – is believed to be increasingly seeking alternatives to the dollar, including the use of cryptocurrencies and national currencies.

This issue has sparked widespread debate about the changing direction of international economic power. Not the least of which is that the decline in confidence in the US dollar could be an opportunity for digital currencies such as Bitcoin (BTC), Ethereum (ETH), as well as the potential for China’s digital yuan to fill the void as an international medium of exchange.

Warning Signals from the BRICS Forum

In the latest BRICS forum, Russian officials highlighted several key factors behind diminishing global confidence in the US dollar. First, the debt burden of the United States government continues to swell to trillions of US dollars, or the equivalent of thousands of trillions of rupiah (1 USD = IDR 16,248). Second, the aggressive economic sanctions policy, especially against Russia and several other BRICS countries, is considered to have reversed course and encouraged developing countries to seek new payment systems.

This phenomenon is reinforced by the shift in global economic power, where many countries have begun to strengthen their foreign exchange reserves in the form of gold, crypto, or alternative currencies. This move is considered an effort to reduce dependence on the US dollar-dominated financial system.

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Cryptocurrencies and Alternative Currencies in the Spotlight

As confidence in the dollar collapses, there is an increasing trend of interest in cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and digital currencies developed by BRICS countries. Cryptocurrencies are considered to offer advantages in terms of decentralization, transparency, and protection against the risk of fiat currency inflation.

China, as a key member of BRICS, has even piloted the digital yuan in various cross-border transactions. Meanwhile, Russia and Brazil have begun to expand bilateral payment cooperation using their national currencies. This all shows an increasingly visible trend of de-dollarization amid the dynamics of the world economy.

Impact on Global Markets and the Future of the US Dollar

A decline in confidence in the US dollar has the potential to destabilize global financial markets, including crypto markets. If more countries turn to cryptocurrencies or national currencies in international transactions, the dominance of the US dollar will continue to erode. This could cause exchange rate volatility as well as create new opportunities for crypto players, both as an investment tool and a medium of exchange.

However, observers think this change will not happen instantly. The US dollar still has vast reserves and financial networks. However, if this trend continues, it is possible that in the coming decades the role of crypto or digital yuan will become more prominent in the international arena.

Crypto World Reaction: Opportunity or Challenge?

Crypto market participants see this development as a golden opportunity to expand cryptocurrency adoption beyond traditional markets. As confidence in the fiat system wanes, digital assets such as Bitcoin (BTC), Ripple (XRP), and even dollar-based stablecoins could become mainstream options in various parts of the world.

On the other hand, challenges remain, ranging from strict regulations in some countries to high crypto price volatility. However, if the crypto community and governments can find common ground, it’s possible that cryptocurrencies will become an important part of the global payment system in the future.

Conclusion

Russian officials’ statements at the BRICS forum are a wake-up call for the future of the US dollar’s dominance in the global financial system. In the midst of this turmoil, cryptocurrencies and national digital currencies are now waiting for momentum to take on a greater role as a recognized international medium of exchange.

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Reference:

• Bitcoin.com. Russian Official Warns at BRICS: US Dollar Losing Trust Amid Global Financial Shifts. Accessed July 9, 2025.