BRICS denies that its currency issuance has been shelved
BRICS denies that its currency issuance has been shelved
4-29-2024
Information / Baghdad..
Russian Deputy Foreign Minister Sergei Ryabkov confirmed that the idea of issuing a unified currency for the BRICS group “has not been shelved,” but its implementation is linked to specific aspects.
“I would not say that this idea has been shelved, although its implementation, as we all understand, involves aspects such as establishing a central bank to issue currency and studying the interest rate of member state banks,” the Russian diplomat said at a press conference.
He acknowledged that the BRICS group is not ready to issue a unified currency, but that does not mean that the idea has been postponed.
The BRICS group is moving to expand non-dollar payments, as the group’s countries seek to abandon the SWIFT system controlled by the United States.
The plans of the group, which includes Russia, China, Brazil, South Africa, India, Saudi Arabia, the Emirates, Egypt and Ethiopia, include establishing an international payment system, “BRICS Pay,” based on “Blockchain” technology, that is, on the basis of digital assets.
In light of the United States’ use of the dollar as a tool in sanctions and the American public debt reaching an astronomical level, countries in the world, led by the BRICS countries, are working to increase the use of national currencies in international trade.
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