Foreign ministers from BRICS (Brazil, Russia, India, China, and South Africa) met to discuss expanding the Global South-led bloc and creating a new global reserve currency to challenge the US dollar.
They aren’t, it’s just a reserve currency, just like the EU has the euro but uses the dollar as their primary reserve currency, or maybe a country with monetary sovrainty like japan etc is a better example, this brics currency is just a reserve one
They can have something like the ECU (the predecessor of the Euro), which was a non-circulating currency. There would still be significant challenges to achieving it but at least it doesn’t sound outright impossible.
I doubt all of these countries are going to be willing to give up their own sovereign currency to make this joint currency useful enough.
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I agree that is why they are talking about it.
They aren’t, it’s just a reserve currency, just like the EU has the euro but uses the dollar as their primary reserve currency, or maybe a country with monetary sovrainty like japan etc is a better example, this brics currency is just a reserve one
They can have something like the ECU (the predecessor of the Euro), which was a non-circulating currency. There would still be significant challenges to achieving it but at least it doesn’t sound outright impossible.