What Happens if BRICS Currency Prevails and Why Is India Worried?
China and Russia are pushing the idea of a BRICS currency while India and Brazil are taking a step back. The upcoming tender is the talk of the town as the alliance is planning to launch it in the markets to take on the US dollar. Russian President Vladimir Putin displayed a mock-up bill at the summit last year, indicating that the plans for a new tender are active. However, India is unhappy with the idea of a BRICS currency and wants to support the US dollar’s reign. It is the only member country that openly said that they do not support the de-dollarization agenda. The statements came after President Donald Trump warned of economic consequences if emerging economies distance themselves from the US dollar. Also Read: BRICS: JP Morgan Predicts How Long USD Will Remain Global Currency Why Is India Worried About the Success of a BRICS Currency? Source: Flickr China has a grip over smaller nations of the alliance through the Belt and Road initiative. It has invested billions in infra...