BTC-Newswire

BRICS Nations Working on Creating New Currency to Be Discussed at Next Leaders Summit: Report

Press Releases Crypto News Bitcoin News BRICS Nations Working on Creating New Currency to Be Discussed at Next Leaders Summit: Report

The BRICS nations are reportedly working on developing a new form of currency, which is expected to be discussed at the next BRICS leaders’ summit, according to a top Russian official. “The transition to settlements in national currencies is the first step. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future,” the deputy chairman of the Russian State Duma was quoted as saying.

New Currency for BRICS Countries

The BRICS countries are reportedly working on creating a new form of currency with a plan to present its development at the BRICS leaders’ summit in August, State Duma Deputy Chairman Alexander Babakov said Thursday on the sidelines of the India-Russia Business Forum in New Delhi. This forum marks the commencement of international events at the St. Petersburg International Economic Forum 2023. The top Russian official was quoted as saying:

The transition to settlements in national currencies is the first step. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future. I think that at the BRICS [leaders’ summit], the readiness to realize this project will be announced, such works are underway.

The BRICS nations are Brazil, Russia, India, China, and South Africa. Several other countries have expressed interest in joining the economic bloc, including Argentina, Iran, Indonesia, Turkey, Saudi Arabia, and Egypt. South Africa will host the next BRICS summit in August.

Settlements in national currencies have commenced among the BRICS nations. Recently, Russian President Vladimir Putin and Chinese President Xi Jinping agreed to adopt the Chinese yuan as a settlement currency with emerging economies. The Chinese government has also signed a bilateral deal with Brazil to facilitate trades using their national currencies.

Bab

Go to Source to See Full Article
Author: Kevin Helms

Did you like this?
Tip BTC Newswire with Cryptocurrency