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India Reveals New Details About BRICS Currency: Launch Still Years Away
By Watcher Guru | June 2025
The much-anticipated BRICS common currency, once touted as an imminent challenger to the U.S. dollar, remains far from launch. Despite attention-grabbing announcements and mock-ups from leaders like Russian President Vladimir Putin, new statements from Indian officials reveal the project is still in its infancy.
BRICS Currency Still in ‘Very Early Stage’
India’s Sherpa and Secretary of Economic Relations, Dammu Ravi, has publicly acknowledged that the development of a BRICS currency is “at a very early stage.”
“The discussions are still in their nascent steps and have a long way to go for the formation,” Ravi stated.
Despite the BRICS bloc—Brazil, Russia, India, China, and South Africa—floating the idea as early as 2023, real progress remains limited. Ravi’s remarks suggest that a BRICS currency may take years—if not decades—to become reality.
Challenges Ahead: Framework, Consensus, and Central Bank
The formation of a common currency within a multi-nation bloc like BRICS is a consensus-based effort, meaning all member nations must agree on every element—from economic frameworks to geopolitical implications.
Key requirements still missing include:
▪️ A unified policy framework
▪️ A functioning central monetary authority or central bank
▪️ Clear guidelines for currency management and cross-border transactions
This level of coordination across five (or more) sovereign economies is complex and unprecedented.
Geopolitical Catalyst: U.S. Sanctions Sparked the Idea
The original push for a BRICS currency stemmed from a growing backlash against U.S. sanctions, particularly those impacting developing nations. The BRICS bloc began exploring alternatives to the dollar-dominated financial system, with currency independence seen as a strategic defense mechanism.
While the White House’s use of economic sanctions prompted this movement, U.S. policymakers shouldn’t dismiss the potential threat—even if the currency launches decades from now.
“Even if it is launched after 25 years, it still poses a threat to the U.S. dollar’s global supremacy,” the report notes.
A Symbol vs. Substance—For Now
At the 16th BRICS Summit in Kazan, Putin publicly showcased a mock-up BRICS banknote, sparking media speculation that the project was nearing launch. However, this now appears to have been more symbolic than substantive.
Despite over two years of discussion, the BRICS currency remains in the conceptual phase. India’s remarks signal that public hype may be running far ahead of institutional readiness.
Bottom Line:
While the idea of a BRICS currency continues to grab headlines and stir speculation, officials now admit the project is still in the brainstorming phase. The dream of challenging dollar dominance remains alive—but reality is still far over the horizon.
@ Newshounds News™
Source: Watcher Guru
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