The BRICS Currency: Towards a More Stable Global Economy.

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20 Nov 2023

The 15th BRICS summit held this year ended on a positive note as the alliance inducted six new countries. The induction was historic as BRICS did not expand the bloc for more than a decade. Saudi Arabia, UAE, Argentina, Egypt, Iran, and Ethiopia are invited to join BRICS and be a part of the revolution. In the latest update, Russia's former advisor to the President, Sergey. Glazyev, gave insights about the BRICS currency's ambitious agenda.

Glazyev confirmed that the BRICS currency is "almost ready" and its launch could be decided in the 16th summit in 2024. The Russian minister is so confident about BRICS currency's prospects, that he predicted it will grow more attractive than the US dollar, Pound, and Euro.

The BRICS currency is an ambitious project that has been in the works for many years. The goal of the currency is to create a new global reserve currency that is not controlled by any single country. This would help to reduce the dominance of the US dollar and give countries more control over their economies.

The BRICS currency is still in its early stages of development, but it has the potential to be a major game-changer in the global financial system. If successful, the BRICS currency could help to create a more stable and equitable global economy.

What is BRICS?

BRICS is an acronym for Brazil, Russia, India, China, and South Africa. These five countries are emerging economies that are rapidly growing in importance on the global stage. BRICS countries account for over 40% of the world's population and over 25% of global GDP.

The BRICS summit is an annual meeting of the leaders of the BRICS countries. The summit is a forum for discussing issues of common interest and promoting cooperation among the BRICS countries.

The BRICS currency

The BRICS currency is a project that is being developed by the BRICS countries. The goal of the project is to create a new reserve currency that is not controlled by any single country.

The BRICS currency is still in its early stages of development, but it has the potential to be a major game-changer in the global financial system. If successful, the BRICS currency could help to create a more stable and equitable global economy.

Benefits of the BRICS currency

There are many potential benefits to the BRICS currency. These benefits include:

•Reduced reliance on the US dollar: The BRICS currency could help to reduce the dominance of the US dollar and give countries more control over their economies.

•Greater stability: The BRICS currency could help to create a more stable global financial system.

•Increased trade and investment: The BRICS currency could help to promote trade and investment between BRICS countries.

Challenges of the BRICS currency

There are also some challenges to the BRICS currency. These challenges include:

•Gaining acceptance: The BRICS currency will need to gain acceptance from countries and financial institutions around the world in order to be successful.

•Establishing trust: The BRICS currency will need to establish trust among users in order to be widely adopted.

•Overcoming geopolitical tensions: The BRICS countries are a diverse group with different interests. Geopolitical tensions could make it difficult to reach an agreement on the BRICS currency.

Potential impact

The BRICS currency is a major development that is worth watching closely. It has the potential to change the way we think about global finance, and it could have a significant impact on the lives of people around the world. Some potential impacts of the BRICS currency include:

•The BRICS currency could help to reduce the dominance of the US dollar and give countries more control over their economies. This could be a positive development for many countries, as it would allow them to pursue their own economic policies without being constrained by the US dollar.

•The BRICS currency could help to create a more stable global financial system. This is because the BRICS currency would be backed by a basket of currencies, which would make it less susceptible to fluctuations in the value of any single currency.

•The BRICS currency could help to promote trade and investment between BRICS countries. This is because the BRICS currency would make it easier and cheaper for businesses to trade and invest in each other's markets.

It is important to note that the BRICS currency is still in its early stages of development, and it is too early to say what its ultimate impact will be. However, the potential benefits of the BRICS currency are significant, and it is a project that is worth watching closely.

Additional information:

The BRICS currency is not the only project that is being developed to create a new global reserve currency. There are a number of other projects in the works, such as the International Monetary Fund's Special Drawing Rights (SDRs) and the Asian Development Bank's Asian Currency Unit (ACU).