Brics doesn't even have a centralised currency of any form lol.
For it to have the world standard currency, the bunch of systemic competitors that make up brics (almost all of which have at least some major cause of friction with at least one of member) to:
agree on a name, design and production strategy that every single member is happy with
have a centralised bank somewhere that is controlled by some (presumably inter-state) entity
have all members adopt that currency as their primary currency, phasing out their existing state controlled ones
have the currency be more stable and commonly accepted than USD
Only then can it even really begin to start being a world currency
Frankly, I don't think there's nearly enough cooperation within the group to even start making steps toward a common currency for decades
Yeah zero chance this happens in our lifetimes. They don't have enough in common to pull something like this off. It took Europe half a century and they are all next door neighbors with roughly the same values.
I'll take that bet; you have to pay in the new currency if I'm right; if you're right, one of us is dead, and it doesn't matter.
Why would they need to fully replace their local currency to trade with another currency?
Is this something all countries that trade with dollars have done?
BRICS is not about having a centralized hegemonic currency to replace the dollar, but about negotiating with the countries own currencies and skipping the dollar. This news is just that.
Also the BRICS bank exists.
They have a development bank, but that's fundamentally very different to a central bank (more like the IMF and less ECB).
The comment I was replying too was about a centralised brics currency, though.
Brics doesn't even have a centralised currency of any form lol.
For it to have the world standard currency, the bunch of systemic competitors that make up brics (almost all of which have at least some major cause of friction with at least one of member) to:
Only then can it even really begin to start being a world currency
Frankly, I don't think there's nearly enough cooperation within the group to even start making steps toward a common currency for decades
Yeah zero chance this happens in our lifetimes. They don't have enough in common to pull something like this off. It took Europe half a century and they are all next door neighbors with roughly the same values.
I'll take that bet; you have to pay in the new currency if I'm right; if you're right, one of us is dead, and it doesn't matter.
Why would they need to fully replace their local currency to trade with another currency?
Is this something all countries that trade with dollars have done?
BRICS is not about having a centralized hegemonic currency to replace the dollar, but about negotiating with the countries own currencies and skipping the dollar. This news is just that.
Also the BRICS bank exists.
They have a development bank, but that's fundamentally very different to a central bank (more like the IMF and less ECB).
The comment I was replying too was about a centralised brics currency, though.