Analysis Crypto by Thebittimes.Com

BRICS is not the only alliance that is looking to topple the US dollar as the world’s reserve currency. It has now inspired a new counterpart that is also aiming to replicate the development and further the De-dollarization agenda. Similar to the BRICS ideology, three countries in Africa are planning to launch a new currency and sideline the US dollar for trade settlements. Also Read: 3 U.S. Sectors To Be Affected If BRICS Ditches the Dollar A trio of countries in Africa – Niger, Mali, and Burkina Faso are planning on the formation of a new currency. All three countries are former French colonies that have experienced military coups in recent years. The trio of nations are currently being governed by military regimes. They are now taking a leaf from the BRICS playbook with the idea of launching a new currency. BRICS: 3 African Countries Plan On Launching New Currency Source: Reuters The three African countries have also formed a new defense alliance called ...

India has ordered a cluster of finance analysts and think tanks to study the prospects of a new BRICS currency. The proposal orders finance intellectuals to debate if India wants to agree on the formation of an upcoming BRICS currency. A senior and top-level government official said on the condition of anonymity that the discussion will be significant at the upcoming summit in October. India plans to keep its talking points prepared at the 16th BRICS summit in Russia’s Kazan region this year. Also Read: $5,000 Invested in Nvidia Stocks in 2000 is Worth $2 Million Today BRICS member Russia is also contemplating ideas of a BRICS currency as its economy is affected by the US sanctions. Russia is reaching out to India for a renewed and extensive dialogue about the prospects of a new BRICS currency. “We have not changed our position at all, but there is no harm in a study,” informed a source to Business Standard. Speculations are rife that the finance analysts and think tank...