BRICS: India To Accept Local Currencies For Trade, Sideline US Dollar
BRICS member India may consider accepting local currencies for trade and sideline the US dollar only if they are ‘non-binding’, according to sources on the condition of anonymity. The decision to accept native currencies could be taken at the upcoming summit in October in the Kazan region of Russia. India is keen on using local currencies only when they are non-binding. Also Read: Former Russian PM Talks About BRICS Currency For the uninitiated, non-binding means the rules of accepting local currencies must not be legally necessary to obey, and must come out of choice whenever required. BRICS country India does not want to end reliance on the US dollar as its economy is booming and needs the currency to survive. Also Read: BRICS: Russia To Officially Use Cryptocurrency For Trade Settlements BRICS: India Would Want the Rupee & Not the Chinese Yuan For Trade Settlements Source: Reuters / ShutterStock BRICS counterpart China has been pushing for trade settlements among member n...