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cyu@sh.itjust.works to World News@lemmy.mlEnglish · 4 months ago

Brazil nixes BRICS currency, eyes less reliance on 'mighty' dollar

www.reuters.com

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Brazil nixes BRICS currency, eyes less reliance on 'mighty' dollar

www.reuters.com

cyu@sh.itjust.works to World News@lemmy.mlEnglish · 4 months ago
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    4 months ago

    The economic conditions across the BRICS countries are too different for a common currency to be adopted for domestic transactions.

    They are explicitly not trying to create a domestic currency. They are trying to create a Bancor-like financial instrument that is exclusively for international payments.

    How could a BRICS+ bank and settlement currency work? Economist Michael Hudson explains

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