What Happens if Gulf Countries Accept BRICS Currency?
A total of 44 countries are ready to join the BRICS alliance and accept the new currency for cross-border transactions. Developing countries from Asia, Africa, South America, and Europe have expressed interest to join the BRICS bloc months before the summit. A handful of Gulf countries are among the nations that are interested to accept the BRICS currency for global trade. The Gulf countries are Oil -rich and export billions of barrels of Oil to the U.S. and Europe every year. Also Read: 22 Countries Formally Apply for BRICS Membership The Gulf countries currently settle remittances with the U.S. dollar but it may begin to accept the BRICS currency after its formation. The U.S. dollar faces a risk of losing its demand if the soon-to-be-released BRICS currency gets accepted for Oil transactions. In this article, we will highlight the risks the U.S. dollar face if the Gulf countries accept BRICS currency. BRICS: What Happens if Gulf Countries Accept the New Currency...