BRICS Agrees to Create Common Currency
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The New Development Bank (NDB) of BRICS nations has announced plans to introduce a common digital currency for international payments. This move, which comes amidst fears of a US customs war and sanctions, could challenge the dominance of the US dollar. The decision was made during the BRICS Business Council meeting in Cape Town, South Africa. The new currency, which will be used for transactions between the five member countries (Brazil, Russia, India, China, and South Africa), is expected to facilitate trade and reduce dependence on the dollar.
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