India Reveals New Details About BRICS Currency
BRICS member India spoke about the BRICS currency formation that could make its way into the global markets. The timeline for the launch could be much longer than expected as the development has not picked up steam. The alliance floated the idea of a common currency in 2023 to take on the US dollar’s hegemony. Russian President Vladimir Putin also displayed a mock-up bill during the 16th summit in Kazan last year, indicating that its launch is imminent. Also Read: Payments in National Currencies To Increase After BRICS 2025 Summit India Spills the Beans on BRICS Currency Formation Source: Watcher Guru Dammu Ravi, India’s Sherpa and Secretary (Economic Relations) in the Ministry of External Affairs spilled the beans on the currency formation. Ravi confirmed that the discussions and development of a common BRICS currency have not gone full-fledged but remain “at a very early stage.” He revealed that the discussions are still in their nascent steps and have a long way to ...