BRICS euro is a proposed currency created by an organization of five countries known as the BRICS (Brazil, Russia, India, China and South Africa). The idea behind this project was to create a common currency that would be used by all of these nations in order to facilitate global trade. This concept originated back in 2010 but has yet to become reality.
The main reason why it hasn’t been implemented so far is because each country involved still prefers its own national currency over any other. Moreover, there are several political and economic issues which have made it difficult for the BRICs members to reach agreement on the details of such a unified monetary unit. Additionally, some experts argue that introducing one shared financial system might lead to inflation or instability due to differences in each nation’s economy.
Despite all these obstacles there are many who believe that creating a joint-currency could potentially bring significant benefits for both international businesses and citizens from participating countries alike – reduced transaction costs being one example. In addition this new form of money could also strengthen ties between BRICs states while providing them with more control over their respective economies since they wouldn’t need rely heavily on foreign currencies anymore .
Therefore although no official decisions regarding implementation were taken yet ,the future looks promising for the creation of BRICS euro .
