Since last year, the creation of a new currency that could “challenge” the US dollar has already been discussed at BRICS meetings.
BRICS is an economic bloc that brings together Brazil, Russia, India, China and South Africa, which justifies the reference acronym.
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According to sources linked to the BRICS bank, the reasons behind the proposed creation of the new currency should facilitate trade between the bloc's countries.
This is because currently the reference currency for these relations is the dollar, which has an exchange value far above the national currencies of the BRICS components.
Still according to official information, the proposal to create the currency is being prepared and should be presented in 2023.
The new monetary item must be a digital currency regulated by the BRICS bank. This will make transactions easier.
If approved, the measure could be an important step in strengthening the member countries of the BRICS, which, together, represent 30% of the world's GDP.
However, the implementation of the new currency faces fiscal obstacles, since the bloc's countries need to comply in this regard.
In addition, the proposal must face strong resistance from the United States and also from the G7, the group of richest countries on the planet.
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