BRICS officially starts work on common currency

It’s no secret that the fast-growing BRICS has been exploring the idea of creating their own shared currency for quite some time now. But we’re now hearing talks that the bloc has officially started working on. If you ask me, I’d say yeah, it’s about time. Now let’s take a closer look at what they’re cooking, under the leadership of by India.

A mysterious government bigwig, keeping their name under wraps, spilled the beans that this currency chat is going to be the hot topic at the BRICS summit happening this October in Russia’s Kazan. Russia, feeling the pinch from US sanctions, is also throwing its hat in the ring, keen on hashing out the nitty-gritty of this currency conundrum with India.

The Plot Thickens

“We’re sticking to our guns, but hey, exploring doesn’t hurt,” a source whispered to Business Standard. Rumor mill’s working overtime with talks that the Reserve Bank of India’s top brass might be the brains behind this operation. But RBI’s lips are sealed tighter than a drum, leaving us all in suspense about who’s really pulling the strings here.

India’s playing it cool, not letting anyone peek behind the curtain until they’re good and ready, possibly at the next BRICS showdown. So, whether they’ll give the thumbs up or down to this global tender idea is anyone’s guess till then.

Jumping over to South Africa, they’re not sitting around twiddling their thumbs either. They’re diving headfirst into the deep end of stablecoin research, aiming to figure out if these digital coins are the real deal for their economy. The Intergovernmental Fintech Working Group is on a mission to map out the do’s and don’ts of stablecoins and the whole shebang of tokenization.

China’s not watching from the sidelines either. They’ve been riding high on the digital yuan wave, proving they’ve got the chops to lead in the digital currency race. The buzz is that the BRICS bunch might lean on blockchain to bring their currency dream to life, setting the stage for a tech revolution in the financial world.

China’s message is loud and clear: they’re all in on making BRICS a powerhouse for emerging markets and developing countries, championing a fairer, more inclusive global order. The BRICS gang, with China’s backing, is all about opening doors, not building walls, aiming for a win-win situation where everyone’s boat gets lifted.