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BREAKING NEWS: Russia leads BRICS in working to create new currency
“Its composition should be based on inducting new monetary ties established on a strategy that does not defend the U.S. dollar or euro, but rather forms a new currency competent of benefiting our shared objectives.”
The emerging markets created by Goldman Sachs economist, Jim O’Neill namely – Brazil, Russia, India, China and South Africa [BRICS] are reportedly working on developing a new form of currency.
A top Russian official hinted that the new development is expected to be discussed at the next BRICS leaders’ summit, Bitcoin.com said on Sunday.
“The transition to settlements in national currencies is the first step. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future,” the deputy chairman of the Russian State Duma, Alexander Babakov was quoted as saying.
Sources have disclosed that Russia is behind the idea, as it has faced economic sanctions from the West over invasion of Ukraine.
The project for the new currency will be presented at the BRICS leaders’ summit in August, as Babakov said Thursday on the sidelines of the India-Russia Business Forum in New Delhi.
This forum marked the commencement of international events at the St. Petersburg International Economic Forum 2023.
The top Russian official was quoted as saying, “I think that at the BRICS [leaders’ summit], the readiness to realise this project will be announced, such works are underway.”
Several other countries have expressed interest in joining the BRICS economic bloc, including Argentina, Iran, Indonesia, Turkey, Saudi Arabia, and Egypt. South Africa will host the next BRICS summit in August.
Bitcoin.com also said Babakov left open the possibility of a unified currency arising within BRICS, potentially backed by gold as well as other commodities, such as rare-earth elements or land.
At the India-Russia Business Forum on Thursday, Babakov emphasised that India and Russia “should institute a new economic association with a new, shared currency.”
He was quoted by India TV as saying, “New Delhi, Beijing, and Moscow are the nations that now institute a multipolar world that is endorsed by the majority of governments.
“Its composition should be based on inducting new monetary ties established on a strategy that does not defend the U.S. dollar or euro, but rather forms a new currency competent of benefiting our shared objectives.”
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