*BRICS countries – an acronym for Brazil, Russia, India, China, and South Africa – are reportedly creating their own currency, according to a senior Russian official.
Russian Deputy Parliamentary Chairman Alexander Babakov claims the group’s plan initially aims to switch from domestic currencies to circulating a digital or “alternative form of a groundbreaking currency in the near future.”
Babakov reportedly made the comments at the St. Petersburg International Economic Forum event in New Delhi, India. China, as well as other BRICS countries, would benefit from the currency, not the United States, according to Babakov.
“Its composition should be based on inducting new monetary ties established on a strategy that does not defend the U.S.’s dollar or euro, but rather forms a new currency competent of benefiting our shared objectives,” Babakov reportedly said.
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Benzinga reports the BRICS alliance will share proposals for the innovative new currency at the BRICS summit in August in South Africa.
Per ForeignPolicy.com: “Because a BRICS currency union—unlike any before it—would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union,” the outlet writes.
Per Benzinga: “The BRICS currency could lower currency volatility, improve trade relations among members and foster economic growth by diversifying trade partners. However, the currency’s success also hinges on its impact on international investments.”
A growing number of countries will probably join the BRICS as a result of this economic bloc’s expansion.
In the meantime, the United States continues its war on cryptocurrency.
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