Russia talks up prospects of BRICS countries developing new currency
Mar 31. 2023
By Martin Young
A top Russian official has reportedly claimed that the BRICS alliance is working on creating its own currency.
A new world order could be emerging as economic powerhouses increase their efforts to distance themselves from US dollar hegemony.
According to reports, a top Russian official has claimed that the BRICS alliance is working on creating its own currency. BRICS is an acronym for five leading emerging economies: Brazil, Russia, India, China, and South Africa.
State Duma Deputy Chairman Alexander Babakov made the comments at the St. Petersburg International Economic Forum event in New Delhi, India, according to local reports.
Babakov reportedly stressed the importance of both nations working towards a new medium for payments, adding that digital payments could be the most promising and viable.
He also said the currency could benefit China, other BRICS members, and not the West.
“Its composition should be based on inducting new monetary ties established on a strategy that does not defend the US's dollar or euro, but rather forms a new currency competent of benefiting our shared objectives,”
Babakov also reportedly postulated that the new currency would be secured by gold and other commodities such as rare-earth elements.
To read the entire article...Click Here!
