The new bill aims to challenge the US dollar by letting other developing countries begin trading within it. All emerging economies are dumping new banknote greenbacks and settling trade for cross-border transactions. Does it sound fanciful? But in reality, banknotes are myths and mere figures of imagination. Yes, it’s BRICS currency. This is just making rounds in the financial world, but it simply doesn’t exist.
At the 16th BRICS summit in Kazan, Russian President Vladimir Putin held a mock-up currency bill that suggests the formation of new banknotes is ongoing. After being asked about the stunts by a reporter, it was revealed that Mock Bill was only meant to grab his eyeballs. Such stunts are regular events from leaders of developing countries who indulge in smokescreen politics to distract their attention from problems and incompetence.
BRICS currency is nothing more than a pure imagination
India’s BRICS SHERPA has recently confirmed that discussions on the formation of currency are in very early stages. Even the draft hasn’t seen the day of light yet, as progress has not begun to develop towards its development. Furthermore, India previously declared that it would not be able to use a common currency shared with China. It is an antithesis of what they believe, leaving new banknotes (if released) out of India.
BRICS wants new currencies to dominate the world, but it cannot be done because there is no currency. Even if it exists in the future, a crack between alliances will cause banknotes to fail in the market. India does not want a banknote that will benefit China and eradicate global hegemony in the US dollar. Several Indian companies and the IT sector are affected as they are closely tied to US dollar payments.
