BRICS To Cause a Major Global Economic Crash
The BRICS alliance will meet in August to jointly decide on the formation of a new currency. The summit will be held in South Africa and the bloc is focused on ending reliance on the U.S. dollar. BRICS is convincing other developing countries to stop using the U.S. dollar for cross-border transactions and trade in local currencies instead. The move is adding pressure to the already declining U.S. dollar and could lead to the new currency gaining strength. Fears of a major global economic crash are reeling if the new BRICS currency is accepted by the majority of developing countries. Also Read: BRICS: U.S. Has 65% Chances of Slipping Into a Recession, India Has 0% BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The alliance will also consider expansion as 19 countries have expressed interest to join the bloc. BRICS could turn into BRICS+ by the end of the year if the expansion goes through. Read here to know the full list of countries that want to enter th