The BRICS Group and the Scenario of Issuing a New Currency

Since the establishment of the BRICS organization in 2009, the idea of creating a common currency for the BRICS group (Brazil, Russia, India, China, and South Africa) has been considered as a means to compete with the U.S. dollar on the agenda of emerging markets. This idea also aims to enhance economic cooperation, encourage trade, and promote growth among the member countries. The motivation behind this proposal is the U.S. administration’s use of the U.S. dollar as a geopolitical weapon, engaging in a form of financial warfare by imposing sanctions on adversarial countries and depriving them of access to the U.S. dollar-dominated capital market. This also includes restricting their access to the international payment system centered around the U.S. dollar.

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Source: Akhbar Alkhaleej