Posted 1/16/2024, 2:01:15 PM
BRICS Countries Propose New Reserve Currency to Rival US Dollar, But Await Full Consensus
- Three BRICS countries (Brazil, Russia, South Africa) have agreed to launch a new currency to challenge the US dollar
- The new currency aims to reduce the power and control of the US and Western allies
- It intends to convince developing nations to ditch the US dollar
- India and China have not yet agreed to launch the new BRICS currency
- Once India and China agree, the BRICS currency will be launched after achieving consensus among members