Russian Deputy Foreign Minister Sergei Ryabkov has clarified that the proposal for a unified currency within the BRICS group remains active, though it hinges on specific conditions, SABA reports.
Ryabkov emphasised the necessity of establishing a central bank for currency issuance and assessing interest rates among member states’ banks. While acknowledging the complexity of implementation, he asserted that the idea hasn’t been shelved but rather requires further groundwork.
Amid concerns over the US dollar’s use in sanctions and its soaring public debt, global efforts, spearheaded by BRICS nations, aim to promote the use of national currencies in international trade. BRICS seeks to diversify away from dollar dependency by expanding non-dollar payments and exploring alternatives like the proposed “BrexPay,” an international payment system utilising blockchain technology.
Read more: Well, hello BRICS Pay!
