The economic conditions across the BRICS countries are too different for a common currency to be adopted for domestic transactions.
They are explicitly not trying to create a domestic currency. They are trying to create a Bancor-like financial instrument that is exclusively for international payments.
They are explicitly not trying to create a domestic currency. They are trying to create a Bancor-like financial instrument that is exclusively for international payments.
How could a BRICS+ bank and settlement currency work? Economist Michael Hudson explains