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.

[–] Tenderizer78@lemmy.ml 1 points 19 hours ago (1 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.

[–] ShinkanTrain@lemmy.ml 5 points 15 hours ago (1 children)

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

[–] Tenderizer78@lemmy.ml -1 points 9 hours ago

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.

[–] durduramayacaklar@lemmygrad.ml 2 points 22 hours 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 5 points 19 hours 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 6 points 22 hours ago* (last edited 22 hours 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 1 points 21 hours ago

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

[–] Sam_Bass@lemmy.ml -1 points 15 hours ago

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