Thursday, June 20, 2024

Experts are thinking about using a “BRICS” currency in the future to avoid U.S. sanctions and the dollar’s control over other countries in international trading. After World War II, the use of U.S. dollars was very important to help with economic progress, but now people think that it is being used as a weapon, so they’re looking for different solutions for trading between countries.

Latest Opinion

Zhou Weidi, a professor from Central China Pedagogical University, has given his opinion on the possibility of starting to use a special kind of currency called BRICS. This could help people who are affected by unfair sanctions or control of money by just one country (like the US).

Mr. Zhou said that the U.S. dollar was used a lot after World War II, and it had some benefits then. But now, with countries like BRICS growing rapidly, using the U.S. dollar does not seem as beneficial anymore, making people distrust its future and wonder what other alternatives are out there for settling accounts internationally.

An important guy named Zhou has said that it will take years to make a type of currency called BRICS, which is made up of Brazil, Russia, India, China, and South Africa. He also said that this doesn’t mean the American dollar (U.S. dollar) will suddenly fall apart but we need to consider changing away from the U.S. dollar.

Zhou said that if a regional currency comes into existence by 2050, it will help the countries in this region and many parts of the world to grow.

The BRICS currency project is still new, but Russia–one of the biggest countries in the group–is already using Chinese yuan for trade activities instead of U.S. money to stay away from American sanctions. According to the director of a research center, trading with yuan or ruble money is the best way to avoid using money from the Western world.

Is The BRICS Bloc Ready To Create Its Own Currency?

Last year, the idea to create a special type of currency that all countries in the BRICS bloc can use for trading was floated by Russian President Vladimir Putin while at a summit held in China. He wanted to do this as an alternative to US dollars so that these countries have more control over their transactions.

Recently, a person called Alexander Babakov said that the BRICS (Brazil, Russia, India, China and South Africa) countries are going to talk about creating their own currency at an upcoming summit. This event called “summit” is taking place in Durban, South Africa this August.

Do you think it’s a good idea to use these kind of currencies instead of U.S dollars? Tell us what you think in the comments section below!

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