June 19 (Lagos) - BRICS has unveiled its new currency at the SPIEF forum. A 200 BRICS symbolic note was revealed featuring the flags of founding members Russia, China, India, Brazil and South Africa.
Is this a rise of a new world order or start of de-dollarisation, that is something only time can tell because this is still a symbolic move. US Dollar is still the reserve currency of the world trade and king of currencies.
However with the recent global turmoil, could there is scope for a BRICS currency.
The G-7 summit just concluded in Canada. What do you think is a more important group of Countries? G7 has small countries from Europe which may not be relevant as they were after World war 2 and does not include Russia, China and India.
BRICS may be the future especially if the US can be roped into it. The US however opposes any attempts to launch a currency which could challenge its dominance in international trade.