Friday, June 2, 2023

The BRICS countries are coming together to create a new kind of money. This money will be discussed at the next BRICS leader’s gathering. According to a person in charge from Russia, it is the first step to make different kinds of currency exchangeable, like digital or other novel forms too!

BRICS Alliance

The BRICS countries (Brazil, Russia, India, China and South Africa) are reportedly making plans to create a new form of currency. They would present their plan at the BRICS leaders’ summit which is happening in August. This news was stated by Alexander Babakov while he was attending the India-Russia Business Forum in New Delhi – an event that served as the opening for the St. Petersburg International Economic Forum 2023.

The first step is changing from regular money to a new type of currency. Soon, this new currency will be possible to use and it might even be digital. Leaders at the BRICS summit might announce they are ready to make this project happen, since they’re already working on it.

The BRICS countries are five nations – Brazil, Russia, India, China and South Africa. There are other countries who would like to join the group too, like Argentina, Iran, Indonesia, Turkey, Saudi Arabia and Egypt. South Africa will be hosting a meeting of the BRICS nations in August.

The leaders of the BRICS countries recently made a deal to start trading using their own national currencies, such as the Chinese yuan. China also agreed with Brazil to make it easier for trading between both countries by allowing them to use their respective currencies.

Mr. Babakov suggested that India, Russia and China could join together to form one type of currency which would be backed by different things like gold or land. At a meeting he also said that the three countries should have a shared economic association which would include its own kind of money.

New Delhi, Beijing and Moscow are countries that have brought in a new type of world where it is supported by most governments. It should be made up with new financial connections established on a plan that does not favor the US dollar or euro, but instead forms a different type of currency which can help all countries achieve their goals.

A Russian official said that they are happy with their country’s economy but they don’t think it is fair how the United States and Europe are in charge of currencies like the dollar and euro. He added that these countries don’t treat Russia, India, and China as equals.

Do you think BRICS countries should start using their own currency? Let us know what you think in the comments section!

People from different websites such as Shutterstock, Pixabay and Wiki Commons made the images in this passage.


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