Russian central bank governor Elvira Nabiullina says the yuan’s share in Russia’s exports has increased from 0.4 to 34.5 per cent, replacing the US dollar and euro as its ‘primary’ currency for foreign economic activity.
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
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