BRICS Group Works On A New Form Of Currency

“Transition to settlements in national currencies is the first step,” Alexander Babakov said. 

State Duma Deputy Chairman Alexander Babakov said Thursday that ideas on creating a new form of currency will be presented at the organization’s upcoming summit in South Africa.

On the sidelines of the Business Forum of the Russian-Indian Strategic Partnership for Development and Growth, Babakov said that work is underway on the creation of a new form of currency.

“The transition to settlements in national currencies is the first step. The next is to facilitate the circulation of digital currency or any other fundamentally new form of currency in the near future,” the deputy chairman said.

The official did not rule out the possibility of the formation of a single BRICS currency that will be secured by gold along with other products such as rare earth elements or soil.

The BRICS economic bloc brings together Brazil, Russia, India, China and South Africa, which has been granted the BRICS presidency for this year. 

The next summit of the group is scheduled to be held in South Africa in August this year.