BRICS to Launch a Single Currency Similar to Euro?
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....
