Analysts Predict the Future of BRICS Currency
The BRICS alliance is working on the formation of a new currency to challenge the US dollar’s global prospects. The bloc aims to dethrone the US dollar from the world’s reserve currency and usher into a new financial era. The bold idea is pushed most by members China, Russia, and Iran, as their economies are hampered by the US. The White House pressed sanctions on Russia and Iran and both countries are seeking an alternative currency. Also Read: More Than 20 Countries Apply To Join BRICS in 2025 On the other hand, China seeks global domination through BRICS and the launch of a new currency will boost its prospects. On the contrary, India is against the idea as their leaders have openly supported the US dollar. India’s Foreign Minister S. Jaishankar repeatedly said that they need the US dollar and will not sideline it for trade. The statement highlights the stark differences and ideas among the member nations of the nine-country alliance. Also Read: BRICS: US Dollar Rem...