Like a wildfire in the media, news broke that President Putin, at the end of the second day of the Summit in Kazan, presented the BRICS currency! There’s just one big BUT…

Anyone who carefully followed the Summit in Kazan, knows that there really won't be a BRICS currency, and that this was a joke! Trolling of the highest order. However, as always in life, half of every joke actually is the truth!

Truth be told, the exhibited banknote was also presented last year at the Summit by the Russian ambassador to South Africa, Ilya Rogachev:

The BRICS bill was made in a thousand copies for propaganda purposes, and as an example that it is not technically a problem to make it. The problem is of a political nature. Even if the interests of all the countries involved in the BRICS system were to be harmonized (which in itself is unachievable), that common currency would have to be managed and controlled by someone. We have already seen, with the examples of dollars and euros, where this leads.

A common unit of account is a much more natural solution that allows all involved countries to develop at their own pace according to their own capabilities, without pressure and influence from other players.

So there will be no common BRICS currency, this was just a joke. But don't miss the point of this trolling:

The time has come when this joke currency will be worth at least as much as the US dollar…