This is not the first time we have heard news about BRIC nations. They have come up with a handful of pronouncements without backing them with the needed actions. Having an alternative to the dollar is a welcome development because the dollarized global economy has become a burden to many economies. There is a need for an alternative global currency and this blockchain-based payment system is ideal for such international trade settlement. This innovation will assist not just BRIC nations but also developing nations that would have to scrabble for scarce dollars before engaging in international trade. I read that this policy will be discussed further during the BRICS summit in October. BRICS nations should talk less and do more because many nations have been enslaved by few currencies. Someone should also tell this organization to hasten up their actions.
It’s a welcome idea but something still tells me it won’t stand because even in this formed organization they will want to have a superior, China might be taking the lead here. Now should they try to create an alternative coin i feel the kind of decentralization that is supposed to happen to that coin will not be their, there will still be an iota of control by the top countries there same way we are seeing with cryptocurrency Altcoins. For spontaneity a coin like bitcoin is to be adopted but like we say they will want a way to still manipulate or control it.
Change has never been easy. And the bigger that change the harder it is going to be to enforce it. Something like this (dedollarisation) is a huge change that is not going to be easy to pull off. It definitely is going to take a long time specially since there are a lot of "resistance" preventing it from happening. Resistance from US trying to prevent it. Resistance from members such as China trying to force their fiat on others preventing BRICS currency from being created and similar problems.
The good news is that the world is on a good path even if that path is being traveled slowly.
