What are the potential impacts of the BRICS currency (Contingent Reserve Arrangement) on the economies of the Gulf Cooperation Council (GCC) countries, and how might they adapt to this changing global financial landscape?”
The BRICS countries – Brazil, Russia, India, China, and South Africa – have long been talking about creating their own currency. The idea of a new currency for the BRICS has been around for a while, and in recent years it has gained momentum. In 2021, it was announced that the BRICS countries had agreed to create a new cryptocurrency that would serve as a reserve currency for the group. This new currency could have a significant impact on the GCC (Gulf Cooperation Council) countries and their business relations with the BRICS.
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