Russian officials say the BRICS countries are reportedly working on a new form of currency, which is expected to be discussed at the next BRICS summit.” The transition to payments in their own currencies is the first step. The next one is to provide for the circulation of a radically new currency in digital or other forms in the near future,” the deputy of the Russian State Duma was quoted as saying.
New Currencies for BRICS Countries
The transition to settlement in our own currency is the first step. The next step is to provide for the circulation of digital and other forms of radically new currencies in the near future, and at the BRICS (summit) I believe preparations for the realization of this project will be announced, and such work is underway.
BRICS refers to the five countries Brazil, Russia, India, China, and South Africa. Several other countries have expressed interest in joining this economic bloc, including Argentina, Iran, Indonesia, Turkey, Saudi Arabia, and Egypt. The next BRICS summit is scheduled to take place in South Africa in August.
The BRICS countries have begun to settle payments in their national currencies. Recently, Russian President Vladimir Putin and Chinese President Xi Jinping agreed to adopt the renminbi as the currency for settlements with emerging economies. The Chinese government has also signed a bilateral agreement with Brazil to promote trade in its currency.
Babakov leaves open the possibility of a unified currency within the BRICS, which could be backed not only by gold but also by other commodities such as rare earths and land.
Babakov stressed at the India-Russia Business Forum on Thursday that India and Russia “should establish a new economic union with a new shared currency,” but noted that China could play an important role in developing a common currency for the three countries. He quoted India TV as saying:
New Delhi, Beijing, and Moscow are the countries that will enact the multipolar world now favored by the majority of governments. Their composition should not be based on defending the U.S. dollar or the euro, but on introducing a new monetary relationship established on the basis of a strategy to form a new currency that serves a common purpose.
Russian officials have also expressed satisfaction with their country.