Russian Official Discusses Possible BRICS Currency at Upcoming Summit
– Russian Deputy Prime Minister Alexei Overchuk suggests that the creation of a basket of BRICS currencies may be discussed at the upcoming summit.
– Overchuk believes that the leaders may task expert bodies with exploring the matter, acknowledging the complexity of the issue.
– However, South Africa’s diplomat in charge of BRICS relations, Anil Sooklal, denies that a BRICS currency is on the agenda.
– Leslie Maasdorp, vice president of the BRICS Bank, clarifies that there are no immediate plans to launch a currency to compete with the U.S. dollar.
– The focus of the BRICS bloc is on de-dollarization and promoting the use of national currencies for trade settlements.
Rumors and Challenges Surrounding a BRICS Currency
– Speculation suggests that the BRICS group may unveil a gold-backed currency at the summit, which could potentially challenge the dominance of the U.S. dollar.
– However, obstacles lie ahead, with Russia’s central bank governor cautioning that a BRICS currency would require the consent of multiple parties and could face implementation challenges.
Interest in BRICS and Summit Invitation
– Over 40 countries have expressed interest in joining the BRICS group, with 22 nations formally applying.
– South Africa has invited 69 leaders to the summit, including African heads of state and leaders of major Global South bodies, but no Western countries have been invited.
Hot Take: While the possibility of a common BRICS currency is uncertain, the focus on de-dollarization and promoting national currencies for trade settlements reflects a growing trend among emerging economies to reduce dependence on the U.S. dollar. The BRICS bloc continues to attract interest and expand its influence on the global stage.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.