How Will The BRICS Currency Work?
The members of the Asian Clearing Union (ACU) agreed during a recent summit in Iran to launch a new cross-border financial messaging system in June to rival the SWIFT international payment network.
BRICS nations asked the bloc’s specially created New Development Bank to provide guidance on a how a potential new shared currency might work, including how it could shield other member countries from the impact of sanctions such as those imposed on Russia.
The weaponization of Dollars:
economic disruption experienced by Iran, and recently Russia after being disconnected from the international dollar-trading systems like SWIFT, prompted countries to look for alternatives.
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