The BRICS alliance has proposed setting up a new currency for trade among member countries as part of its de-dollarization strategy. Pending the August 2023 BRICS Summit, this initiative was speculated to be the principal topic of discussion. However, this proved to be wishful thinking. The possibility is still imminent, with Brazilian President Luiz Inacio Lula da Silva showing support for the BRICS currency last year.
Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China and between Brazil and all the other BRICS countries? Who decided that the dollar was the (trade) currency after the end of gold parity?