BRICS Currency
I have been reading today about BRICS (Brazil, Russia, India, China and South Africa) thinking about creating a new common currency to be used as a coomon way to trade between themselves, better said a competitor to the US Dollar and the Euro.
Now I am no knowledgeable person in these types of dealings but one thing I do remember is the Euro was supposed to become a direct rival of the USD. The Euro has been partially successful but I think it did not, at least not yet, become what its founders thought it would end up being, a currency used worldwide.
Does the BRICS idea have any chance of becoming a success? Well BRICS countries do have a huge GDP), I think their GDP is actually larger than that of the USA, something the EU never managed to have. So they do have that advantage. Plus of course, India and Brazil are countries whose GDP is growing at an incredibly rapid rate, India, if I am not wrong has already displaced the UK as the fifth largest economy in the World.
But becoming a World accepted currency is very difficult, I live in Latin America and the USD is absolute King around here, the Euro is a second rate currency in these parts of the World, so I don't know how a BRICS currency could be accepted in these parts of the World. But I am sure that the oil producing countries would be more than willing to accept this currency. I give it at least a 50/50 chance of Success.
And yes this could become an obstacle in the way of Crypto.
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