Thursday, March 28, 2024

BRICS dollar

by Hideo Nakamura
BRICS dollar

BRICS dollar is an international trade currency created by the BRICS nations (Brazil, Russia, India, China and South Africa) to facilitate global commerce. The goal of creating this new currency was to reduce dependency on the US Dollar as a reserve currency for transactions between these countries.

The framework for establishing a common cryptocurrency based on blockchain technology was agreed upon in 2017 and is still being developed today. As part of this agreement each country will have their own national digital currencies that can be used in combination with other members’ digital currencies or traded independently against other major world currencies such as Euros and US Dollars. This allows businesses operating within or trading with any one of the five member countries to transact without needing access to traditional banking systems or money transfers from outside sources.

Each nation’s central banks are also responsible for issuing their own version of “national tokens” which represent individual units within each economy’s financial system; they act like local versions of cryptocurrencies but do not involve blockchain technology themselves (they are instead backed by fiat). These tokens can then be exchanged amongst all 5 member states using exchange rates set by respective finance ministries – allowing cross-border payments without having to convert into another currency first.
Ultimately it is hoped that BRICS dollar will become more widely accepted across global markets over time, providing relief from rising costs associated with relying heavily on foreign reserves while simultaneously opening up greater opportunities for economic development throughout its participating nations – especially those who lack access to conventional banking services due

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