BRICS Countries Reportedly Developing New Form of Currency

This news comes ahead of the group's upcoming summit in South Africa, where member nations may pitch ideas related to the objective. 

The move highlights the continued efforts of BRICS countries to reduce their dependence on the US dollar and create a more diversified global financial system. 

The development of a new currency could potentially strengthen the economic ties between Brazil, Russia, India, China, and South Africa, and further, solidify their position as major global players.

Breaking: Brazil, Russia, India, China, and South Africa (BRICS) are developing a new currency, State Duma Deputy Chairman says.#cryptonews #cryptonewstoday #CryptoTwitter pic.twitter.com/YpqPrylFXp

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According to Alexander Babakoy The Russian Indian strategic partnership for development and growth business forum. 

"I think that at the BRICS leaders summit the readliness to realize this project will be express works are underway."

The doors are now open for a single BRICS currency to emerge alongside gold, this currency may be backed by other commodities like rate earth elements or sell. 

BRICS next summit is set to take place in August 2023. Jim O'Neill said that a group of countries should expand and work to counter the dollar's dominance. 

O'Neill has served as the former chief economist at Goldman sachs and coined the acronym BRIC. 

Now Brazil, Russia, India, China, and Soth Africa are a part of BRICS but a host of other nations intend to join it. 

Also, he stated that they should apply strict criteria to ensure the addition of new members continues to strengthen goals. if the bloc expands to include other emerging nations with persistent surpluses. 

Furthermore, he said the BRICS to focus on climate finance, improving healthcare, and boosting trade. 

Related: India partnered with UAE to adopt Cross Border Central Bank Digital Currency Transactions.