BRICS Creating a New Currency to Replace the U.S. Dollar Is Laughable
The BRICS alliance is looking to dethrone the U.S. dollar by launching a new currency in international markets. The bloc is making contradictory statements about the formation of the BRICS currency on the heels of the upcoming summit. While a few officials say that the summit will discuss using local currencies for trade, others hint that a currency formation could be on the cards. Also Read: BRICS Developing New Payment System To End Reliance on the U.S. Dollar However, Jim O’Neill, the veteran economist who named the group a decade ago, told the Financial Times that the idea of launching a new currency to take on the U.S. dollar is ridiculous. The Idea of BRICS Currency Challenging the U.S. Dollar is Ridiculous: Economist Source: Adobe Image / poundsterlinglive.com O’Neill said that the BRICS will have to create a Central Bank from scratch if they intend to launch a new currency. The economist stressed that the idea is embarrassing as it needs more work than just putt...