Russia talks up Prospects of BRICS Countries Developing New Currency

A top Russian official has reportedly claimed that the countries of the BRICS alliance – Brazil, Russia, India, China and South Africa – are working on creating their own currency.

The BRICS alliance is among the top economic powers in the world. It was established in 2010 with the primary objective of promoting multilateralism and fostering economic growth, prosperity and financial stability in the world. This coalition of five countries has had a major say in global politics and international relations.

Accoding to Dmitry Mezentsev, Russia's envoy to the BRICS alliance, the countries are currently developing a new currency to use among its members. He said that the project is in its early stages and that it could eventually contribute to the strengthening of global financial systems.

In his words, “We are discussing the possibility of creating a single payment system for the five countries. It will be a common currency for these countries.” He further stated that “This will be a payment system that will allow us to quickly and efficiently make payments, process payments and clear payments.”

Mezentsev mentioned that the new currency will be backed by a reserve fund and will be based on gold or another reserve currency. He also said that this currency could be used as a reserve currency for fiat currencies such as the US Dollar. This could be beneficial for the BRICS countries, as it would give them more freedom and control over their own currencies and allow them to better manage their finances.

Though this project is still in its early stages, the concept of the BRICS countries creating their own currency is sure to have a major impact on global politics and economics. If successful, it could give the BRICS countries more control over their monetary policies and create an international payment system that could challenge the dominance of the US Dollar.

It remains to be seen whether the BRICS countries would be able to create and maintain a successful new currency, but it is certainly an interesting development worth keeping an eye on.