BRICS currency will help create reliable payment mechanism

The promotion of the BRICS currency initiative is relevant now more than ever as “the global financial architecture has failed in recent years with financial instruments being weaponized.”

The introduction of the BRICS currency will allow creating a reliable alternative payment mechanism, said Anil Trigunayat, an Indian expert, research fellow at the Vivekananda Foundation expert centre,

“The proposal to introduce the BRICS currency is gaining steam. If it is launched it will allow creating a new and, possibly, more reliable alternative mechanism similar to the BRICS Bank. I think that it may be done gradually,” he said.

The promotion of the BRICS currency initiative is relevant now more than ever as “the global financial architecture has failed in recent years with financial instruments being weaponized,” Trigunayat said.

Speaking about expansion of BRICS, the expert noted that this process is a natural pace of developments provided that the criteria set are observed. “BRICS is quite a successful non-western geo-economic group, which five new members joined not long ago. Moreover, over two dozen countries are standing in the wings willing to join,” he said.