BRICS Nations Plan to Introduce New Currency to Challenge Dollar and Euro Dominance
According to a recent report, a group of economically-aligned nations plans to introduce a new currency that could potentially decrease the world's reliance on the US dollar and euro.
The collective of emerging economies, commonly known as BRICS, is currently exploring the potential structure of this new currency, as reported by the Russian state-owned news agency Sputnik.
The proposed alternative to the dollar could be supported by gold, rare earth metals, or other assets, according to State Duma Deputy Chairman Alexander Babakov.
He believes that the initial step would be to transition to settlements in national currencies, with the next stage being the circulation of a new form of digital currency in the near future. Babakov has expressed confidence that this project will be announced during the forthcoming BRICS Summit.
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According to Reuters, the news comes after China completed its first liquefied natural gas (LNG) trade with the yuan instead of the dollar.
BRICS refers to Brazil, Russia, India, China, and South Africa, with several other nations, including Saudi Arabia, Argentina, Iran, Indonesia, Turkey, and Egypt, expressing interest in joining the alliance.
The next BRICS summit is scheduled for August 22nd in South Africa.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
