BRICS closer than ever to a single currency!

The possibility of a common currency for the BRICS has been making headlines for several months. According to the latest news, three out of the five member countries of the organization are particularly ready to realize this revolutionary monetary option from a geopolitical point of view. Here they are.

The Trilogy Committed to Issuing a BRICS Currency

The issue of the issuance of a common currency for the BRICS is experiencing a new development. According to Sergey Glazyev, a seasoned Russian economist turned politician, three countries of the organization have joined forces to introduce a new BRICS currency.

Speaking recently on the matter, the expert hinted at the necessity of a union around this monetary possibility, which should impact global geopolitics. Specifically, the destruction of American financial power through the dollar.

“To launch this currency, we need the political agreement of the BRICS countries. Three of them have already expressed their support for the idea. We are waiting for the response from China and India,” said Sergey Glazyev.

Knowing that the BRICS include five members besides China and India, we can easily deduce the countries concerned. Obviously, these are South Africa, Brazil, and Russia. The latter has been facing Western sanctions for over a year.

(0/9) ‘3 Countries Agree To Launch #BRICS Currency To Challenge #US #Dollar’ from @WatcherGuru pic.twitter.com/C4l64vBNta

— TheArmchairAnalyst (@Sitting_Analyst) January 18, 2024

What Are the Implications?

According to Sergey Glazyev, the creation of the new BRICS currency is imminent. He stated that it is “almost ready”. His opinion seems to be based on the union of three of the five founding BRICS countries favorable to the launch of this currency.

Moreover, the dynamism of this initiative highlights the efforts of the alliance to persuade developing countries in Asia, Africa, and South America to abandon the American dollar. This, by promoting a collective adherence to this new financial paradigm.

But in fact, the emergence of a BRICS currency still depends on obtaining the political agreement of India and China. Indeed, the full support of all BRICS members is pending, awaiting a collective decision.

This deliberation process underlines the seriousness of the venture, of which digital possibilities, especially in crypto, have been mentioned. It particularly highlights the special attention that the BRICS must pay to the new currency before it can establish itself as a rival to the dollar on the world stage.