Altcoin News Official TheBitTimes.com

“We don’t support any BRICS currency,” said India’s Union Commerce Minister Piyush Goyal in February. “I don’t think there’s any policy on our part to replace the US dollar,” said India’s External Affairs Minister S. Jaishankar in March. The move was intended to make the message reach China and Russia before the 17th summit in Rio de Janeiro on July 6 and 7. Several leaders in India have openly embraced the US dollar by distancing themselves from the formation of the BRICS currency. The development highlights the power struggles of the alliance where each member has different ideologies. There is no ‘one size fits all’ policy in the bloc as member nations look to undercut each other’s principles. Also Read: China Increases Quota for Foreign Investments Ahead of BRICS Summit Appreciate India Rejecting BRICS Currency, Says Start-up Founder & Financial Analyst Source: The Canadian Press / AP, Matias Delacroix Popular financial analyst...

The BRICS alliance will decide on the formation of a new currency at the next summit in Johannesburg in August. The soon-to-be-released currency will take on the U.S. dollar and challenge its status as the global reserve. On the heels of the next summit, South African BRICS ambassador Anil Sooklal warned that the U.S. dollar days could soon come to an end. He explained that developing countries are looking at alternative currencies as holding the dollar as reserves is burdensome. Also Read: What Happens if Gulf Countries Accept BRICS Currency ? BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The bloc is looking to strengthen ties with other nations and trade in local currencies rather than the U.S. dollar. The alliance aims to put the U.S. dollar on the back foot and reduce its demand in the global markets. BRICS Warn That the ‘U.S. Dollar Days Are Over’ Source: Cryptopolitian.com In a recent press conference, Sooklal warned that the U.S....

The king of rock and roll Elvis Presley sang: ‘A little less conversation, a little more action, please’ in 1968 highlighting how the ones that bark don’t bite. The U.S. dollar is facing a new enemy in BRICS currency which resembles the song that is more than five decades old. The BRICS currency is yet-to-be-released but is making headwinds in the global financial markets even before launch. Also Read: Europe Might Get Ready To Accept BRICS Currency Source: Unsplash BRICS Currency: Why It Might Not Dethrone the U.S. Dollar The new currency is yet to test the waters and without dipping its feet proclaims to be the dollar killer. While launching a new currency is easy, making it work is difficult. The BRICS currency needs to face a challenge of parameters to make it widely accepted on the global stage. The parameters include its backing with gold or other currencies along with the supply and demand it attracts. Also Read: BRICS: 16 Asian Countries Move to Ditch the U.S. Do...