The possibility of a common BRICS currency has been in the news for several months. According to the latest news, three of the five member countries of the organization are particularly ready to realize this revolutionary monetary option from a geopolitical point of view. Here are the ones.
The trilogy initiated for the issuance of a BRICS currency
The question of issuing a common BRICS currency is experiencing new developments. According to Sergey Glazyev, a veteran Russian economist turned politician, three BRICS countries have joined forces to introduce a new BRICS currency.
Speaking recently on the issue, the expert suggested the need for a union around this monetary possibility which should impact global geopolitics. In this case, the annihilation of American financial power via the dollar.
“To launch this currency, we need the political agreement of the BRICS countries. Three of them have already expressed support for the idea. We are waiting for the reaction of China and India”said Sergey Glazyev.
Knowing that BRICS has five members besides China and India, we can easily deduce the countries concerned. These are obviously South Africa, Brazil and Russia. The latter has particularly been facing Western sanctions for more than a year.
What are the implications?
According to Sergey Glazyev, the creation of the new BRICS currency is imminent. He stated that she was “almost ready”. His opinion in any case seems to be based on the union of three of the five founding countries of BRICS in favor of the launch of this currency.
Moreover, the dynamism of this initiative underlines the alliance’s efforts to persuade developing countries in Asia, Africa and South America to abandon the US dollar. This, by promoting collective adherence to this new financial paradigm.
But in fact, the emergence of a BRICS currency still depends on obtaining political agreement from India and China. In fact, the full support of all BRICS members is on hold, awaiting a collective decision.
This deliberation process underlines the seriousness of the company whose digital possibilities, particularly in crypto, have been mentioned. Above all, it highlights the special attention that the BRICS must give to the new currency before it can establish itself as a competitor to the dollar on the world stage.
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