7.7 C
Sunday, April 21, 2024
HomeMarket UpdatesBRICS to Launch a Single Currency Similar to Euro?

BRICS to Launch a Single Currency Similar to Euro?


Related stories

Bitcoin Halving Could Catalyzed $100,000 Price Surge: Bitwise CEO

As the cryptocurrency community excitedly awaits the impending Bitcoin...

BRICS To Replace US Dollar With Cryptocurrency for Trade

According to a recent statement from the Chairman of...

Is Conjuring on Netflix?

Exploring the Paranormal: Is Conjuring on Netflix?Do you love...

Does Firehouse Subs Take Apple Pay?

Unlocking Convenience: Does Firehouse Subs Take Apple Pay?Who doesn’t...

Shiba Inu: AI Predicts SHIB Price For April 25, 2024

Shiba Inu (SHIB) is one of the most popular...

The BRICS alliance is looking to work on an alternative currency to take on the US dollar. The bloc is working out several options to end dependency on the US dollar and promote local currencies for global trade. The alliance is also convincing other developing countries to stop relying on the US dollar and promote local currencies instead.
Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Reports are doing the rounds that BRICS is considering a single unit currency, similar to the Euro, to challenge the US dollar.
Also Read: India Begins To Study BRICS Currency
Russia’s Minister of Finance Anton Siluanov said that BRICS members are looking at the possibility of a common unit of account and currency, similar to the Euro. Siluanov said that the currency could work as an alternative to the US dollar, and can be used to denote the cost of some commodities.
“This can be a unit of account for the BRICS member countries. Not a single currency like in the EU (Euro) but an alternative to the dollar. In which the cost of commodity deliveries can be denoted as well as benchmarks for some goods. So as not to depend on the single currency or an issuing center that issues banknotes in a no-one-knows-how manner,” he said.
Also Read: BRICS: Leading Bank Predicts The US Dollar Will ‘Fall’
The BRICS currency following the Euro’s path is currently only talks and no concrete decision has been made. The bloc of nations will meet at the next summit in October this year and have a common consensus. The upcoming 16th summit will take the alliance in a new direction with possible groundbreaking policies.
Also Read: BRICS Cryptocurrency Gets Rug Pulled
The policies could hamper the West and the US dollar, as they might give prominence to their currency. If the US dollar is used less on the global stage, America’s economy will be the hardest hit this decade.
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.

This content is sourced from Watcher Guru. The copyrights for this article is owned by Watcher.Guru


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories


Please enter your comment!
Please enter your name here