The BRICS alliance is aiming to launch a new currency in the markets to take on the US dollar’s hegemony. The idea of a multipolar world is growing and developing countries are seemingly attracted towards the prospects of strengthening their native economies.
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The upcoming summit in October will lift the curtains on the yet-to-be-released BRICS currency. The 16th BRICS summit is scheduled to take place in the Russian region of Kazan. The bloc is now a nine-member alliance and the idea of launching a new currency will be taken consensually.
The Introduction For BRICS Currency is Gaining Steam, Says Expert
An Indian financial expert Anil Trigunayat revealed that the proposal to launch the BRICS currency is gaining steam. He explained that the new BRICS currency will be a reliable alternative to the US dollar. “The proposal to introduce the BRICS currency is gaining steam,” he said.
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“If it is launched, it will allow the creation of a new and, possibly, more reliable alternative mechanism similar to the BRICS Bank. I think that it may be done gradually,” he said. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
In addition, Trigunayat explained that BRICS is the only successful alliance that’s capable of taking on the US and the West. He revealed that more than two dozen countries are knocking on its doors to be a part of the bloc.
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“BRICS is quite a successful non-western geo-economic group, which five new members joined not long ago. Moreover, over two dozen countries are standing in the wings willing to join,” he said.
Moreover, the financial expert said that the US weaponizing the dollar is what led to BRICS deciding on the formation of a new currency. “The global financial architecture has failed in recent years with financial instruments being weaponized,” Trigunayat said.