In this video, we delve into an interesting proposal by Brazilian President Luiz Inacio Lula da Silva to establish a currency specifically for trade within the BRICS alliance. The main objective behind this idea is to reduce our reliance on the U.S. dollar, which has seen a significant surge in 2022 due to Federal Reserve interest rate hikes and the ongoing conflict in Ukraine. However, when the leaders gathered for the BRICS summit, there were mixed opinions on the matter.
President Da Silva was a strong advocate for a common currency within the BRICS alliance. On the other hand, Russia’s Vladimir Putin emphasized the need for local currency trade to de-dollarize the global economy. India, though, expressed concerns about the challenges involved in transitioning away from dollar-based payment systems. China remained silent on the issue of a BRICS currency, while South Africa dismissed the proposal, stating that it had not been a topic of discussion.
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