The problem with a BRICS currency would be that it would only be useful for purchasing imports from other BRICS countries. It would not be convertible into dollars or other currencies. It could not be used to purchase U.S. Treasury securities nor to pay off foreign debt. It would be impractical for use in FDI, even in other BRICS countries. FDI generally involves construction and infrastructure projects, requiring raw materials that could not be purchased using BRICS currency.

On September 26^th, the British pound lost nearly 5% of its value overnight, hitting a 37-year low. After months of continual devaluation, the pound is now worth 21% less than it was at the beginning of the year. The pound’s sharp decline has been blamed on the release of Britain’s new mini-budget, which included major tax cuts, energy price caps, and direct payments to citizens to help them cope with record levels of inflation.

India has not had any problems producing a birthrate to support the world’s second-most populous nation. They have a highly educated workforce. Anyone, from anywhere, that has needed tech support knows their telecommunications infrastructure works. They are creating their own products to meet the growing material demands of Indian citizens.  Since the turn of the century, India has become a hotbed for computing innovations. First, they assisted American companies to avoid any Y2K complications. Today, Indian technology entrepreneurs are creating intellectual property to compete on the global market.