BRICS Nations Divided Over Payment Mechanism Amid US Dollar Concerns

There seems to be some difference of opinion in BRICS on its implementation. India wants a mechanism to reduce the cost and time of payments. However, the road is not easy. If BRICS countries promote the use of local currencies in mutual trade, Western markets may see it as an open war against the dollar. Advertisement BRICS members want an alternative to over-reliance on major currencies such as the US dollar, the euro, etc. Russia and China are very active in this. India wants a careful middle ground. India also wants currencies to be linked for trade and tourism payments. In doing so, India has to take care of America's tough approach to BRICS. The US has a tough stance on BRICS. Not long ago, US President Donald Trump said that tariffs could be imposed on BRICS countries if they move away from the dollar.