Sort off already exists, but nationally, in Brazil there is "pix " an electronic payment system, recently even saw some news of european countries trying to copy how it works (adapt it), something along those lines.

[–] ki9@lemmy.gf4.pw 0 points 1 day ago

There's only one money and it's monero.

[–] Tenderizer78@lemmy.ml 1 points 2 days ago* (last edited 11 hours ago) (2 children)

If anything the Euro would need to do it. Europe, Canada, Japan, they won't trust a BRICS currency. Within BRICS it might work but it wouldn't replace the dollar in that case. The main point of being the world reserve currency is the feedback loop of "stability and adoption".

[–] emergencyfood@sh.itjust.works 4 points 1 day ago (1 children)

Euro won't work. For other countries to use the Euro, they need to have Euro stocks. For this, the EU needs to (1) run a deficit, and (2) manufacture something of value to the rest of the world. But the EU won't run a deficit, and its manufacturing sector is collapsing.

[–] Tenderizer78@lemmy.ml 2 points 11 hours ago

Yeah, the odds are slim of the Euro successfully doing it. But they're the only ones really in a position to.

[–] ShinkanTrain@lemmy.ml 5 points 2 days ago (1 children)

The point would be to not be tied to a single currency

[–] Tenderizer78@lemmy.ml -4 points 1 day ago (1 children)

The BRICS currency would be a single currency, administers by an assortment of countries. In essence the BRICS currency would be just like the Euro but with an international pariah (Russia) and a country with a history of heavy-handed policy towards business (China) being major players.

[–] Grapho@lemmy.ml 3 points 12 hours ago (1 children)

Any actual rationale behind why it has to be the Euro then (bc they and the companies which own them are so loved internationally)or is it just chauvinism?

[–] Tenderizer78@lemmy.ml 1 points 11 hours ago

It needs to be a country with stable financial institutions and a strong interest in "business confidence". Otherwise people wouldn't feel that their assets are safe.

[–] durduramayacaklar@lemmygrad.ml 1 points 2 days ago (2 children)

I’m thinking that collapsing dollar would be bad for all of us instead of rapid de-dollarization we need to create another alternative to end dollar hegemony. Not a economist but still the dollar will be relevant currency for world trade and not changing any soon.

[–] Samsuma@lemmy.ml 7 points 2 days ago

But that's what BRICS is working on. Not going to say that I have any semblance of economic knowledge, but rapid dedollarization would mean countries would likely be pushed to agree to trade using local currency of respective countries.

Short term, it'll be hard, uphill struggle. Long-term though? It'd be amazing for the Global South.

So far this trend is observable through China and Russia:

https://cepa.org/comprehensive-reports/going-steady-china-and-russias-economic-ties-are-deeper-than-washington-thinks/

I think I might've read that other countries are warming up to do the same, but I don't know.

[–] ShinkanTrain@lemmy.ml 8 points 2 days ago* (last edited 2 days ago) (1 children)

Counterpoint: Rapid crash of the dollar would give me a small window of time to import lots of treats until they raise the prices

[–] durduramayacaklar@lemmygrad.ml 0 points 2 days ago

You can do this with volatile currencies such as Argentian Peso, Turkish Lira, Brazilian real etc etc

[–] Sam_Bass@lemmy.ml -4 points 2 days ago (2 children)

Thats not convincing me that he gave up his Russian asset status

[–] Grapho@lemmy.ml 3 points 12 hours ago

That's the way dogmas tend to work, yes.

[–] BrainInABox@lemmy.ml 0 points 11 hours ago

Of course, conspiracy theorists never can be convinced otherwise