A BRICS Currency with Unique Attributes is Close to Launch, Says Former Russian Minister
A former Russian minister, Sergey Glazyev, has stated in an interview that a BRICS currency with unique attributes is almost ready to launch. Glazyev mentioned that the technical aspects of the currency are complete, but it still requires support from all the leaders of the economic alliance. He highlighted that some member nations have already expressed their support for the currency, but they need political will from all BRICS countries. Glazyev also mentioned that Russia, as the presiding country next year, could organize an international conference to sign an agreement on introducing this new international settlement currency.
Varying Levels of Support from BRICS Nations
The BRICS nations have shown varying levels of support for a common currency. While leaders in Russia and Brazil firmly back the idea, South Africa has taken a more conservative approach and emphasized the importance of the US dollar. Glazyev stated that the new currency will be backed by two baskets, making it less susceptible to debasement and more attractive than the US dollar.
Conclusion: A Stable and Attractive Alternative to Major Currencies
The development of a BRICS currency with unique attributes is nearing completion, according to former Russian minister Sergey Glazyev. The currency is expected to be stable and more attractive than major currencies like the US dollar, pound, and euro. While some member nations have already expressed their support for the currency, it still requires political consent from all BRICS countries. Russia aims to convince other nations and may organize an international conference next year to sign an agreement on introducing this new international settlement currency. If successful, this alternative currency could provide a significant shift in global financial dynamics.
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