The BRICS nations, originally comprised of Brazil, Russia, India, China and South Africa, are looking to establish a new reserve currency backed by a basket of their respective currencies.

☆ Yσɠƚԋσʂ ☆@lemmy.ml · 6 months ago

The BRICS nations, originally comprised of Brazil, Russia, India, China and South Africa, are looking to establish a new reserve currency backed by a basket of their respective currencies.

☆ Yσɠƚԋσʂ ☆@lemmy.ml · 6 months ago

Yeah, that’s the impression I get as well. That seems like the most likely scenario to me because I don’t think any BRICS countries would want to have a single country’s currency replace the USD. Having a Bancor style currency that’s used strictly for settlement and not owned by any country is a much more palatable solution. Especially given the tensions China and India have.