BRICS plans ‘multi-currency system’ to challenge U.S. dollar dominance: Understanding Russia’s proposal | MR Online
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The BRICS Cross-Border Payment Initiative (BCBPI) will use national currencies, instead of the U.S. dollar. Russia’s finance ministry and central bank released a report detailing plans to transform the international monetary and financial system.

This “multi-currency system” will include new mechanisms not only to de-dollarize trade, but also to encourage investment in BRICS members and other emerging markets and developing economies, including a BRICS Clear platform, a “new system of securities accounting and settlement”, and financial instruments denominated in national currencies.

inshallah

  • someone [comrade/them, they/them]
    ·
    27 days ago

    Sound like they learned all the right lessons from the Euro disaster. Removing control of monetary policy from member states while demanding they keep to specific fiscal policies has been a complete debacle. Greece is the classic example.