The Global South refers to a group of developing countries located primarily in the southern hemisphere, many of which are characterized by low levels of economic development and high levels of poverty. This group of countries includes regions such as Africa, Latin America, and Asia.
The Shanghai Cooperation Organization (SCO) is a political and economic alliance that includes China, Russia, India, and several Central Asian countries. The SCO has been exploring the possibility of creating a new digital currency that would reduce reliance on the US dollar and enhance economic cooperation among its members.
BRICS is an acronym that refers to the group of emerging economies composed of Brazil, Russia, India, China, and South Africa. These countries have also been discussing the possibility of creating a new digital currency based on a basket of commodities and their respective fiat currencies.
The proposed digital currency would be designed to enhance trade and investment among the participating countries, as well as reduce their reliance on the US dollar and other traditional reserve currencies. The currency would be backed by a basket of commodities such as gold, oil, and other resources, as well as the participating countries’ respective fiat currencies.
India, Russia, and China have been actively exploring the use of digital currencies, and each country has its own unique approach and development timeline. India, for example, has been exploring the use of a digital version of the Indian rupee, while China has been promoting its Digital Yuan as a means of enhancing international trade and investment.
The creation of a new digital currency based on a basket of commodities and fiat currencies would be a complex undertaking, requiring significant technical expertise and coordination among the participating countries. It remains to be seen whether such a proposal will be realized and what its potential implications would be for the global economy and financial system.