The BRICS are trying to create a new form of currency

BRICS is reportedly working on creating a new form of currency and plans to show progress at a summit of bloc leaders in August, Russian State Duma deputy chairman Alexander Babakov said on the sidelines of the India-Russia meeting on Thursday New Delhi Business Forum. The forum marked the beginning of international events in St. Petersburg. 2023 in St. Petersburg. The senior Russian official reportedly said:

“Moving to national currency payments is the first step. The next goal is to provide digital circulation or any other form of new currency in the near future. I think the readiness to implement this project will be announced at the BRICS leaders summit.”

The BRICS countries include Brazil, Russia, India, China and South Africa. Several other countries have also expressed interest in joining the economic bloc, including Argentina, Iran, Indonesia, Turkey, Saudi Arabia and Egypt. South Africa will host the next BRICS summit in August.

The BRICS countries have started using their national currencies for payments. Most recently, Russian President Vladimir Putin and Chinese President Xi Jinping agreed to use the yuan as a payment currency with emerging economies. The Chinese government also signed a bilateral agreement with Brazil to facilitate transactions in its own currency.

Babakov left open the possibility of a unified currency within the BRICS, possibly backed by gold and other commodities such as rare earth elements or land.

Speaking at the India-Russia Business Forum on Thursday, Babakov stressed that India and Russia “should establish new economic ties using a new common currency,” but noted that China could play an important role in developing a common currency for the three countries.

“New Delhi, Beijing, and Moscow are the countries that are currently building a multipolar world that most governments agree on. It constitutes the establishment of new monetary constraints, established not in a strategy to protect the dollar or the euro, but to create a possible A new currency that is good for other purposes. Our common goal”.

While criticizing U.S. President Joe Biden and the European Union, the Russian official expressed satisfaction with the country’s economic situation. He argued that the dollar and euro were in the interests of Washington and London rather than the wider international community, stressing that they did not recognize Russia, India and China as equal partners.

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