Friday, March 29, 2024

BRICS currency

by Hideo Nakamura
BRICS currency

BRICS (Brazil, Russia, India, China and South Africa) is an acronym for the five emerging economies of Brazil, Russia, India, China and South Africa. The term was first used in 2001 by Jim O’Neill of Goldman Sachs to refer to these countries as a group with economic growth potential. In recent years BRICS nations have been exploring the possibility of launching their own currency or alternative payment system known as “BRICS Currency”.

In 2009 representatives from each country met in Yekaterinburg to discuss creating a regional monetary union similar to that which exists among members of the European Union’s Eurozone. This initial meeting resulted in no concrete plans but further talks continued over subsequent years.

In 2011 leaders at the fourth BRIC summit agreed on forming a joint study group tasked with researching how best they could cooperate financially within the framework established by international law. Over 2012-2013 this study group produced several reports outlining possible scenarios under which such cooperation might become feasible including proposals related specifically to establishing some form of common currency unit based on gold reserves held jointly between member states – though it should be noted that no concrete decisions were made during this period and nothing has yet come into fruition concerning any sort of formalized agreement about cooperative financial action amongst member states beyond what already existed prior to 2011’s proposed ‘joint study group’ initiative.

As recently as April 2019 representatives from various BRICS nations attended another roundtable discussion regarding greater financial integration between them however due again primarily legal/political obstacles there appears little likelihood anything will happen anytime soon relating directly towards creation or adoption any kind unified ‘BRICS Currency’. There are currently many private companies developing blockchain technologies designed for cross border payments across multiple currencies so it may be possible one day something akin what initially discussed back 2009 comes pass – whether officially branded ‘BRICS Currency’ remains seen!

Leave a Comment

BRICS currency Latest News

Follow us

CryptokenTop

CrypTokenTop is a website dedicated to providing comprehensive information and analysis about the world of cryptocurrencies. We cover topics such as Bitcoin, Ethereum, NFTs, ICOs, and other popular crypto topics. Our mission is to help people learn more about the crypto space and make informed decisions about their investments. We provide in-depth articles, analysis, and reviews for beginners and experienced users alike, so everyone can make the most out of the ever-evolving world of cryptocurrency.

© 2023 All Right Reserved. CryptokenTop

en_USEnglish