Next BRICS Summit to Address Plans for New Currency, Says Report
BRICS Nations reportedly working on developing a new currency, which could be presented at the upcoming BRICS Leaders’ Summit. State Duma Deputy Chairman Alexander Babakov mentioned that the transition to settlements in national currencies is the first step, with plans to move towards digital or other fundamentally new currency. Brazil, Russia, India, China, and South Africa are the current BRICS nations. Several other countries have expressed interest in joining, including Argentina, Iran, Indonesia, Turkey, Saudi Arabia, and Egypt. Settlements in national currencies have already commenced among BRICS nations, and there’s potential for a unified currency backed by gold and other commodities. During the India-Russia Business Forum, Babakov suggested the possibility of a new economic association between India and Russia with a new shared currency. However, China could play a crucial role in developing a common currency for the three nations. Babakov also criticized the US President and the European Union, emphasizing that the dollar and euro serve the interests of Washington and London rather than the global community.