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Major update on 'new' currency for South Africa, China and India

The article from BusinessTech discusses the potential introduction of a new common currency for the BRICS countries (Brazil, Russia, India, China, and South Africa) as an alternative to the dominance of the US dollar in global trade. This initiative, which has been a topic of discussion for years, aims to reduce reliance on the dollar, especially in light of geopolitical tensions and economic sanctions affecting some BRICS nations. The idea was highlighted during the 14th BRICS Summit in 2022, where leaders expressed interest in exploring local currency settlement mechanisms and possibly a new currency. However, the article notes that while there is interest, the practical implementation faces significant challenges including the need for economic convergence, political will, and the establishment of a robust financial infrastructure. The discussions are ongoing, with no definitive timeline or concrete steps announced yet, but the concept is seen as a move towards de-dollarization and enhancing economic sovereignty among these emerging economies.

Read the Full businesstech.co.za Article at:
[ https://businesstech.co.za/news/finance/802430/major-update-on-new-currency-for-south-africa-china-and-india/ ]