this post was submitted on 14 Feb 2025

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Brazil nixes BRICS currency, eyes less reliance on 'mighty' dollar (www.reuters.com)

submitted 1 week ago by cyu@sh.itjust.works to c/worldnews@lemmy.ml

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[–] davel@lemmy.ml 6 points 1 week 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