BRICS Currencies to Have No Alternative, Former Russian President Medvedev Says

Ruble, Yuan, Other BRICS Currencies to Take Over After Euro Collapse, Dmitry Medvedev Predicts

Russia’s former head of state, Dmitry Medvedev, does not rule out the collapse of the common European currency and a return to national fiats on the Old Continent. “It is absolutely certain that financial shocks in Europe will not keep you waiting,” he was quoted as saying by the RIA Novosti news agency.

The euro, already not too resistant to external influences, has started losing its role as a universal means of payment, Medvedev pointed out. Therefore, it is likely that Europe will return back to “the system of financial patchwork with national currencies. Well, then goodbye euro, hello mark, lira, and French franc,” he added.

Dmitry Medvedev, who serves as the Deputy Chairman of the Security Council of the Russian Federation since 2020, was speaking during the “Knowledge. First” educational marathon which he was invited to attend. He further elaborated:

In this case, the ruble, yuan, Indian rupee, other currencies of the BRICS countries will have no alternative in the future.

Medvedev emphasized that the group of leading developing economies needs to think about the digital formats of their national currencies as well as about a digital currency issued by BRICS itself. “The leaders of our organization are now talking about it,” he noted.

The BRICS bloc, which currently consists of Brazil, Russia, India, China, and South Africa, will hold a summit in Cape Town, South Africa in early June to discuss proposals for enlargement, among other major topics.

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Author: Lubomir Tassev

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