Former Russian minister, Sergey Glazyev, hints at the development of a unique BRICS currency.
In an interview with TV BRICS, Glazyev reveals that the currency’s technical groundwork is almost complete but awaits political consensus from all BRICS member nations.
Sergey Glazyev underscores the importance of political will, as he explains,
“We need only political will because technically this currency is almost ready. The software and mathematical tools have been created.”
For a successful introduction of this currency, obtaining the approval of BRICS member nations is important.
Encouragingly, three member nations have already expressed their support for this novel currency, with anticipation centred on China and India’s responses.
Furthermore, Russia, presiding over BRICS next year, plans to garner support from other member nations.
The former Russian Prime Minister also mentioned:
“Russia, as the presiding country next year, could convene an international conference to sign an agreement on the introduction of such a new international settlement currency.”
BRICS Nations Support for BRICS Currency
BRICS nations have displayed varying levels of support for a common currency, with Russia and Brazil firmly endorsing the concept, while South Africa takes a more cautious stance, highlighting the continued significance of the US dollar.
Glazyev offers insight into the currency’s unique backing, stating,
“The new currency will be backed by two baskets, making it less susceptible to debasement and more attractive than the US dollar. It is based not only on a basket of national currencies of the member countries but also on a basket of exchange commodities. The model shows that this currency will be very stable and much more attractive than the dollar, pound, and euro.”
BRICS Economic Influence
These nations, renowned for their economic potential and influence, collaborate under the umbrella of BRICS to engage in discussions concerning shared economic, political, and social concerns.
Despite disparities in their levels of economic development and political orientations, BRICS nations unite to explore opportunities for mutual cooperation, trade, and the exchange of ideas.
The combined influence of BRICS holds a role in shaping the future of global relations and the worldwide economic landscape.
The emergence of a new currency within BRICS has the potential to reconfigure international currency dynamics, offering the alliance an alternative to well-established global currencies.
As the concept garners attention and support, the world observes with keen interest to see if this prospective currency will attain the necessary consensus to become a reality.