- BRICS alliance plans own currency
- Focus on digital payments and gold
- Aims to benefit emerging economies
The balance of global economic power may be shifting as the BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, is reportedly working on creating a new currency to reduce dependence on the US dollar. This development signifies a potential new world order taking shape, with emerging economies seeking to fortify their financial positions.
At the St. Petersburg International Economic Forum event held in New Delhi, India, State Duma Deputy Chairman Alexander Babakov shed light on the ongoing collaboration between the BRICS countries. Babakov emphasized the importance of creating a novel medium for payments, suggesting that digital payments could be the most feasible and promising approach.
The proposed currency is expected to benefit China and other BRICS members, rather than the West. According to Babakov, its foundation should be built on new monetary ties based on a strategy that neither defends the US dollar nor the euro, but instead creates a new currency capable of supporting the shared goals of these emerging economies.
Babakov further suggested that the new currency would be backed by gold and other valuable commodities, such as rare-earth elements, providing security and stability to the proposed financial system. This move could potentially reshape the global economic landscape and redefine the relationships between the world’s leading economies.
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In other news, in April, the Japanese Ministry of Finance will convene an expert panel to evaluate the viability of introducing a digital yen. This report was produced by NHK, a well-known Japanese news organization.
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