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Former Goldman Sachs Chief Economist Jim O’Neill, who coined the abbreviation ‘BRICS’ in a Global Economic research paper in 2001, spoke about the upcoming common currency during an interview with Business Today. The 16th summit in Russia’s Kazan region ended on Thursday with several developments and announcements taking place at the gathering. Also Read: The Gloves Are Off: BRICS Is Officially Challenging the US Dollar The first development was a mock-up BRICS currency given to Vladimir Putin showcasing the need for a common tender. The alliance is looking to end reliance on the US dollar and settle payments in the common currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: Western Leaders React to BRICS 2024 Summit Former Goldman Sachs Economist Predicts the Future of BRICS Currency Source: Business Today TV The ex-Goldman Sachs Economist O’Neill, who coined the phrase BRICS is skeptical...

If the soon-to-be-released BRICS currency is considered a threat to the U.S. dollar, then the CBDC could be its death knell. Out of 195 countries in the world, 130 nations are moving towards building their Central Bank Digital Currency (CBDC). Therefore, 98% of the world is looking to launch their respective CBDC currency making it easier to settle cross-border transactions. Also Read: 41 Countries Ready To Accept BRICS Currency a Month Before Summit Among the 130 countries, a dozen nations have reached advanced phases and are moving towards launching their digital currency assets. A total of 11 countries, including many Caribbean nations and Nigeria have already launched their CBDC pilot program. A report from the Washington D.C.-based think tank Atlantic Council shows that only 35 countries considered CBDC in 2020. The dramatic rise is putting the U.S. dollar in jeopardy as countries could end reliance on the greenback and consider CBDC s. Also Read: 8 Fina...