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this post was submitted on 13 May 2024
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This article seems to imply that this would be just another currency, but I suspect itβs a Bancor-like unit of account for international balance of payments, and not a currency for everyday transactions.
Yeah, that's the impression I get as well. That seems like the most likely scenario to me because I don't think any BRICS countries would want to have a single country's currency replace the USD. Having a Bancor style currency that's used strictly for settlement and not owned by any country is a much more palatable solution. Especially given the tensions China and India have.
For now ππ
i would hope that, having seen what the euro is like, no sane country would ever choose to voluntarily hamstring itself again by giving up control of their currency