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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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.