Comments by "praveen ram" (@praveenspike) on "What to Watch for at the BRICS Summit" video.

  1. BRICS currency is multicurrency of 5 different nations as its core as they are the foundations. So there is sustainable liquidity, no one will be able to use legal tender as a weapon, the diversity upon the legal tender will not pressure other nations. Like India bought oil from Russia and Saudi with Rupee and bought Russian oil using yuan. So the excess amount of currency per trade deficit can be diversified. Its a work in progress but its gaining high momentum, the transaction are done through a token based system like the SWIFT but individual banks initiate the process. The pilot project of token based system was with India and Singapore and it was successful, now you can transfer Rupee directly from Singapore. So the Rupee is now be able to be transferred from many countries now directly without a dollar exchange system. The same system will be put for the BRICS currency system, with the new dev bank will play as the center, stability and a backup.
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