What's BRICS currency?

 What's BRICS currency?



BRICS currency is a term that refers to the idea of creating a joint currency for the BRICS countries, which are Brazil, Russia, India, China and South Africa. These countries are major developing economies that have been seeking to reduce their reliance on the U.S. dollar for international trade and finance.

The idea of a BRICS currency has been discussed for over a decade, but it has not become a reality yet. There are many challenges and obstacles to creating a new currency that can compete with the dollar, such as political differences, economic disparities, legal issues and technical difficulties.

However, the BRICS countries have been pursuing other initiatives to de-dollarize their economies, such as trading and settling in local currencies, creating a BRICS development bank, establishing a BRICS payment system and exploring alternatives to the dollar-backed SWIFT system.

According to some reports, Russia has confirmed that the BRICS countries will introduce a new trading currency backed by gold at the upcoming summit in South Africa in August 2023. However, this has not been officially announced or verified by other BRICS members. The South African ambassador to BRICS has denied that there is any talk of a BRICS currency on the agenda.


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