SKC
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Such currency works for Europe where a lot of member countries have high GDP per capita and share their Borders and accessible over Inter-country Highways.Adoption of BRICS currency is not ideal for us. India has a cumulative trade deficit of almost 116 Billion Dollars with BRICS (China 73 B$ + Russian 43 B$).
Where as our main source of income is Dollars from the West. If we shift to trading in BRICS currency with these nations, we will soon have a deficit in BRICS currency equivalent to 100 B $ , which we cannot pay off with Dollars.
This BRICS deficit will then have to be paid off by taking loans form BRICS banks, like the IMF bailouts.
For us to actually successfully use BRICS currency our customers also have to shift to BRICS currency ie EU & US. Not gonna happen.
For BRICS, it makes no sense when South Africa/Brazil/Russia are so far away.