• ☆ Yσɠƚԋσʂ ☆OP
      254·
      7 months ago

      It’s a self reinforcing phenomenon. The more countries free themselves of the dollar, the easier it becomes other countries to do so going forward. Now that BRICS is a bigger economy than the G7, the economic incentives favor it for countries that are forced t chose between these economic blocs.

  • davelAEnglish
    18·
    7 months ago

    This article seems to imply that this would be just another currency, but I suspect it’s a Bancor-like unit of account for international balance of payments, and not a currency for everyday transactions.

    • ☆ Yσɠƚԋσʂ ☆OP
      201·
      7 months ago

      Yeah, that’s the impression I get as well. That seems like the most likely scenario to me because I don’t think any BRICS countries would want to have a single country’s currency replace the USD. Having a Bancor style currency that’s used strictly for settlement and not owned by any country is a much more palatable solution. Especially given the tensions China and India have.

      • huf [he/him]@hexbear.netEnglish
        6·
        7 months ago

        i would hope that, having seen what the euro is like, no sane country would ever choose to voluntarily hamstring itself again by giving up control of their currency