I was at the BRICS conference last August in Johannesburg. They are NOT going to start a new currency, instead they will just trade in each others' currencies. They've been buying and selling oil using the Yuan already.
One BRICS currency would be very stupid:
imagine there's a war in Russia and sanctions against Iran, which will now affect a country that has nothing to do with those things, say Argentina). That's what happened with Greece in 2015 – they were on the Euro and couldn't devalue their currency to make their goods and services more competitive to the rest of the world, so they couldn't get of a hole because of the Euro.
I think they should be using Bitcoin of course....
One BRICS currency would be very stupid:
imagine there's a war in Russia and sanctions against Iran, which will now affect a country that has nothing to do with those things, say Argentina). That's what happened with Greece in 2015 – they were on the Euro and couldn't devalue their currency to make their goods and services more competitive to the rest of the world, so they couldn't get of a hole because of the Euro.
I think they should be using Bitcoin of course....